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More than 2,000 homes went under the hammer over the week ending 20 August, according to the latest data from CoreLogic.
A total of 2,056 homes up for auction was a lift of 6.6 per cent on the figures from the previous week, marking the combined capitals’ busiest auction week since before Easter – as well as the fifth busiest week of 2023, so far.
According to CoreLogic economist Kaytlin Ezzy, the increase in auction numbers also coincided with an increase in buyer activity; six of the seven capitals saw a week-on-week increase in their preliminary clearance rate.
All in all, the 74 per cent auction clearance rate was the highest preliminary clearance rate recorded in the last six weeks.
It comes after the week prior recorded a final clearance rate of just 64.7 per cent – down from the 71.3 per cent preliminary figure that had been reported earlier in the week.
CoreLogic’s latest findings also reveal that buyers are more active this August than they had been at the same time last year – over the same period in 2022, a lower 1,816 auctions only netted a final clearance rate of 58.8 per cent.
Sydney was this week’s busiest auction market with 839 homes going under the hammer, and marking the busiest week for the harbour city since early April, as noted by Ms Ezzy.
Auction activity was 9.7 per cent higher over this latest period than the week prior, when just 765 homes were available, but a whopping 31.3 per cent higher than the same period in 2022.
Buyers enjoyed having more choice, with the higher count of auctions not diluting buyer activity. Sydney recorded its highest preliminary clearance rate since late June – 77.5 per cent.
Despite the increase, the city’s withdrawal rate also climbed up too at 12.2 per cent.
It was a different story in Melbourne, with the Victorian capital the only major city across the country to see a decline in week-on-week auction activity.
A total of 838 homes went to auction – a drop from the 877 homes that went under the hammer the week prior.
Despite this, the lower count did have a positive effect on the clearance rate, which rose 3.2 per cent from last week’s preliminary figures (which then revised to 60.6 per cent at final count) to 72.7 per cent.
Melbourne’s property market is also looking stronger than this period last year, when just 60.8 per cent of the 779 homes up for auction found buyers.
Looking at the smaller capitals, Brisbane notched up the busiest auction markets, playing host to 155 auctions over the week.
Adelaide reported 116 homes as up for grabs, while 91 auctions took place in Canberra.
According to Ms Ezzy, Canberra was the only capital to record a week-on-week decline in its preliminary clearance rate, which fell -6.2 per cent to 62.3 per cent
Adelaide netted a 76.2 per cent success rate, while Brisbane’s success rate was 69 per cent.
In Perth, eight of the 16 auctions have so far been tabulated, with five recording successful results.
Over in Tasmania, the one home scheduled for auction last week was sold prior to auction.
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