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As Australian auction levels continue their early spring surge, CoreLogic is reporting a slight falter in the number of successful auctions last week.
The week ending 17 September 2023 saw 2,334 homes go under the hammer Australia-wide, up 2.6 per cent on the previous week. Auction levels either rose or held firm in five of the nation’s seven capital cities, leading last week to overtake the week ending 2nd September as the country’s busiest since late April.
Despite this, the combined capitals’ preliminary clearance rate reported a slight dip (0.5 per cent), with a rise in withdrawal rates to 10.1 per cent leading to the figure falling to its lowest point in 20 weeks after 70.1 per cent of the 1,821 results collected to this point ended successfully.
Sydney was Australia’s busiest auction market, with 941 homes auctioned off on what became the harbour city’s busiest week since before Easter. This marked a 4.8 per cent activity increase but resulted in the city’s preliminary clearance rate dropping 90 basis points to 72.5 per cent – its lowest level in two months.
Vendors were largely responsible for this dip, with nearly 16 per cent of the city’s 748 results collected so far withdrawn from the market, up from 10.4 per cent the previous week. While the number of properties passed in at auction (11.8 per cent) fell to its lowest level in nearly two years.
The Northern Beaches, which recorded a preliminary clearance rate of 88.5 per cent from 67 auctions, was Sydney’s strongest performing subregion, while the Central Coast, where 46.7 per cent of the 18 auctions ended successfully, was its poorest performer.
Melbourne’s auction volume dropped below 1,000 for the first time in four weeks after 982 homes went under the hammer across the Victorian capital. The city was one of two national capital cities to register an activity dip. Of the 789 results collected so far, 69.6 per cent ended successfully.
The city’s inner east was its strongest performing subregion after it recorded a 76.8 per cent preliminary clearance rate from 126 auctions, while Melbourne’s west was its weakest performing subregion with 63.6 per cent of its 105 auctions ending successfully.
Across the smaller capitals, Brisbane (31.1 per cent) and Canberra (14.6 per cent) reported activity increase, while auction levels held steady in Perth and fell 3.1 per cent in Adelaide.
Unsurprisingly, the Queensland capital was the busiest of these markets, hosting 173 auctions, followed by Adelaide (123) and Canberra (102.) The South Australian capital held the most successful auctions of these markets (83.8 per cent), followed by Brisbane (64.7 per cent) and Canberra (50.6 per cent).
In Perth, one of the four results collected so far was successful, while no auctions were held in Tasmania.
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