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Thanks to the Super Saturday event, last week saw Australia’s combined capitals record their busiest auction week since Easter 2022.
The week ending 29 October saw auction volumes jump 37.4 per cent above the previous week, with 3,383 homes going under the hammer in total. A whopping 76.1 per cent above the total number of auctions held this time last year, last week was the first time auction numbers had pushed above the 3,000 mark since May 2022.
Despite this spike in auction activity, it did come at the cost of buyer demand. Across the country’s capital cities, the preliminary clearance rate was a scant 67.8 per cent, the lowest figure reported since Easter.
Of the properties that did not sell at auction, 23.1 per cent were passed in and 8.4 per cent were withdrawn by vendors.
Melbourne saw the most auction activity, with 1,703 homes going under the hammer in total. This was almost triple the number of auctions held this time last year, and marked the Victorian capital’s most eventful auction week since April 2022. Fortunately for Melbourne vendors, the rise in supply was enthusiastically welcomed by buyers, and over two-thirds of properties cleared at auction.
In Sydney, a total of 1,086 auctions made last week the third time this year that the harbour city surpassed 1,000 auctions. Although activity leaped over 22 per cent from the previous week, Sydney’s preliminary clearance rate fell slightly to just over 70 per cent. Withdrawal rates and pass rates rose correspondingly, coming in at 13.7 per cent and 15.4 per cent respectively.
Zooming in on the smaller capitals, Brisbane and Canberra both witnessed their busiest auction weeks this year, although as with Sydney and Melbourne, preliminary clearance rates fell slightly.
Things were perking up in Adelaide, where a total of 173 auctions and a preliminary clearance rate of 85.1 per cent marked the southern city’s second-busiest auction week this year, and the highest preliminary clearance rate in over seven weeks.
On the west coast, six of Perth’s 15 auctions ended in a sale, while in Tasmania, none of the state’s three auctions have yielded positive results so far.
With this week predicted to see a more measured 2,100 auctions across the country, researchers believe that last week may have been the peak of this year’s spring selling season.
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