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Preliminary auction results have dampened slightly but are still higher than this time last year.
According to CoreLogic, the combined capitals saw a preliminary clearance rate of 73.5 per cent for the week ending 25 February.
While it’s down from the 76.2 per cent preliminary clearance rate recorded over the week ending 11 February, it’s still relatively higher than this time last year, when a success rate of 66.8 per cent was reported.
Last week marked the largest number of auctions so far this year with 2,775 auctions held. That’s up 33 per cent on the week prior, when 2,091 auctions took place. It’s also 14 per cent higher than the same period a year ago, when 2,429 auctions were held.
Across all the capitals, Adelaide saw the highest preliminary clearance rate at 87.9 per cent.
Looking to the major auction markets, Sydney saw its preliminary clearance rate slightly slip to 77.3 per cent across 981 auctions.
The Victorian capital saw its preliminary clearance rate lower to 70.6 per cent, the lowest so far this year. Still, it was higher than this time last year’s preliminary clearance rate of 66.8 per cent.
Turning to the smaller capitals, Brisbane reported a preliminary clearance rate of 72.8 per cent off the back of 168 auctions, a substantial leap from the 56.8 per cent it reported this time last year.
Canberra’s preliminary clearance rate sat at 57.1 per cent, following 85 auctions.
Perth played host to six auctions, with success for two out of the four already reported, while Tasmania reported one auction as unsuccessful out of the two total.
Reflecting on the results, CoreLogic research analyst Caitlin Fono stated that the past three weeks had seen the preliminary clearance rate revise, on average, 6.1 percentage points lower on final results.
With this in mind, she expects the capital clearance rate will likely be finalised at 67.4 per cent.
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