Preliminary auction clearance rates being tracked by CoreLogic show varied results across each capital city for the week concluded 12 July.
According to the group, there were 1,202 homes scheduled for auction across the combined capital cities this week.
This is similar to the previous week where 1,224 were scheduled, but higher than the corresponding period in 2019, where 847 were recorded.
“Of the 672 results that have been reported so far, 62.2 per cent were successful, up from last week’s final clearance rate of 60.2 per cent, and lower than this time last year (65.4 per cent),” CoreLogic said.
“The number of results collected at a preliminary stage is lower than usual as we seek to confirm the status of scheduled auctions.”
CoreLogic data has shown 538 homes were scheduled to go under the hammer for the week, down from 580 on the previous one. The same time last year saw 316 homes taken to auction in the harbour city.
“Of the 294 auction results collected so far, 62.6 per cent were successful. In comparison, the previous week reported a final clearance rate of 61.5 per cent, while a clearance rate of 72.8 per cent was recorded this time last year,” CoreLogic said.
CoreLogic was tracking 475 auctions in Melbourne for the week concluded 12 July, up from 456 over the previous week and 348 over the same week last year.
“Preliminary results show that of the 256 results collected so far, 63.7 per cent were successful, while 24.6 per cent were reported as withdrawn (compared with only 12.2 per cent of Sydney auctions), which is not surprising given the announcement earlier in the week that Melbourne would enter a six-week lockdown at midnight on 8 July,” CoreLogic said.
“The previous week saw a final clearance rate of 60.6 per cent, while this time last year, 70.6 per cent of Melbourne auctions reported a successful result.”
CoreLogic’s Brisbane figures show 82 auctions were scheduled. Of the results collected (53), 52.8 per cent have been successful so far.
The same time last year saw 76 auctions deliver a clearance rate of 31.4 per cent.
The city of churches was expecting 48 homes to go to auction. Of the 29 results collected so far, 65.5 per cent have cleared.
This is up from the corresponding period last year which saw a clearance rate of 44.0 per cent across 58 auctions.
The west-coast capital saw a total of 13 auctions for the week. Eight have been verified by CoreLogic, with a clearance rate of 37.5 per cent recorded so far.
The results are greatly similar to the corresponding period in 2019, where a clearance rate of 30.0 per cent was recorded across 13 auctions.
Last but not least, Australia’s capital city saw 45 auctions for the week. Of the 31 results collected so far, 64.5 per cent were successful.
The same time last year tells a similar story with a clearance rate of 66.7 per cent recorded across 36 ACT homes.
ABOUT THE AUTHOR
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
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