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The Victorian capital reported its highest preliminary clearance rate since October 2021, yet nationally, the number of successful auctions dropped 60 basis points (bps), according to CoreLogic.
The week ending 30 April 2023 saw 1,730 homes go under the hammer, up nearly 17 per cent from the previous week. So far, 1,334 results have been collected across the combined capitals, with a preliminary clearance rate of 69.2 per cent reported, marking the third consecutive week the number of positive results has held above 69 per cent.
Melbourne hosted more auctions than any other capital city market, with 729 homes going under the hammer in the Victorian capital last week, up 15.9 per cent on the previous week. The city registered a preliminary clearance rate of 77.7 per cent on 610 results collected so far, its highest rate since mid-October 2021.
The city’s inner east, where 86.3 per cent of the 61 auctions returned a positive result, was Melbourne’s strongest-performing sub-region, while the city’s west, which recorded a 71 per cent preliminary clearance rate from 112 auctions, was its poorest-performing sub-region.
Activity held steady in Sydney, where 570 auctions occurred last week, compared to 574 the week prior. With 444 results collected so far, 70.7 per cent of which have been successful, the NSW capital saw a 10-bp preliminary clearance rate decrease, marking the seventh consecutive week the city’s preliminary clearance rate has held above 70 per cent.
The inner south west was the harbour city’s strongest-performing sub-region, reporting a preliminary clearance rate of 81.1 per cent from 70 auctions, while the Central Coast, where 7.1 per cent of 18 auctions returned a positive result, was the city’s poorest-performing sub-region.
Across the smaller capitals, both Adelaide and Brisbane saw auction numbers more than double this week, while Canberra recorded a 12.5 per cent week-on-week decline.
Brisbane hosted more auctions than any of the smaller markets, with 201 homes going under the hammer, followed by Adelaide’s 152 and Canberra’s 56. The national capital recorded the highest preliminary clearance rate (67.5 per cent) of the three, followed by Adelaide at 62.5 per cent and Brisbane at 43 per cent.
In Perth, seven of the 15 results collected so far were successful, while the two results collected in Tasmania were unsuccessful.
Auction activity is set to rise again next week, with just over 1,800 auctions currently scheduled.
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