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Despite the raising of the cash rate, CoreLogic reported three-quarters of Australia’s auctions returned a positive result last week.
In the week ending 7 May 2023, 1,750 homes went under the hammer across the country, with 75.1 per cent of the 1,305 results collected, concluding successfully. Despite the RBA’s shock cash rate decision, Australia’s combined capitals recorded their highest preliminary clearance rate since mid-February 2022.
With 732 auctions, Melbourne was the nation’s busiest market, five fewer than the previous week. So far, 587 results have been collected so far with the city’s preliminary clearance rate of 76 per cent ensuring that figure remained above 70 per cent for the fourth consecutive week.
Melbourne’s inner east, where 86.4 per cent of the 77 auctions ended positively, was the city’s strongest-performing sub-region, while the west sub-region, which saw a 64.6 per cent preliminary clearance rate, was the poorest performer.
Sydney experienced a 14 per cent activity increase, with 650 auctions held across the harbour city. With 650 results collected so far, 78.5 per cent were successful, marking the city’s highest preliminary clearance rate since mid-February 2022.
CoreLogic reported the increased preliminary clearance rate was driven by a reduction in the portion of properties passed in (9.7 per cent), the lowest since mid-October 2021, with withdrawal rates also falling 2 per cent to 11.9 per cent.
Blacktown was the NSW capital’s strongest-performing sub-region, with 92.3 per cent of the areas 36 auctions ending successfully, while North Sydney and Hornsby, which recorded a 67.2 per cent preliminary clearance rate from 85 auctions, was its poorest-performing region.
Across the smaller capitals, Brisbane was the busiest, hosting 129 auctions, followed closely by Adelaide (128), and Canberra (97). The South Australia capital was the most successful market, with 72.1 per cent of auctions ending positively, followed by the Queensland capital (68.2 per cent), and the national capital (66.2 per cent).
In Perth, two of the six results collected so far were successful, while the one auction held in Tasmania last week was successful.
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