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For the second week running, the nation recorded a preliminary clearance rate above 70 per cent, according to CoreLogic.
The week ending 14 May 2023 saw 1,673 homes go under the hammer across the country, down 3 per cent from the previous week. So far, 74.4 per cent of the results in the combined capitals collected so far have returned a positive result, marking the second consecutive week where at least seven out of every 10 Australian auctions ended successfully.
Last week’s preliminary clearance rate (70 per cent) revised down to 69.9 per cent at final reporting.
Melbourne was the busiest national market, as 728 auctions went underway in the Victorian capital. Of the 618 results reported so far, 75.7 per cent have returned a successful result, marking the fifth consecutive week the Victorian capital has registered a preliminary clearance rate exceeding 70 per cent.
Melbourne’s north-east was its strongest-performing sub-region after it recorded a preliminary clearance rate of 89.6 per cent from 89 auctions, while the Mornington Peninsula was the poorest-performing sub-region after 62.5 per cent of its 21 auctions were successful.
In Sydney, 649 auctions occurred this past week, up 1.6 per cent on the previous week’s activity levels. The NSW capital has recorded a preliminary clearance rate of 76.2 per cent from 516 results collected to this point, marking the ninth consecutive week the city’s preliminary clearance rate has held above 70 per cent.
The inner west was the harbour city’s strongest-performing sub-region, with a preliminary clearance rate of 87.5 per cent from 58 auctions. On the flip side, the outer west and Blue Mountains, where 46.2 per cent of the 13 auctions ended successful, was the city’s poorest-performing sub-region.
Across the smaller capital cities, Brisbane held the most auctions (117), followed by Canberra (83) and Adelaide (77). The South Australian capital recorded the highest preliminary clearance rate of the trio (80.8 per cent), followed by Canberra (77.2 per cent) and Brisbane (56.5 per cent).
In Perth, four of the 12 results collected so far were successful, while one of the two auctions held in Tasmania this week was successful.
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