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Last week may have been the third-busiest auction week this year, but clearance rates took a hit under the increased level of choice.
According to CoreLogic, 2,882 homes were taken to auction across the combined capitals in the week ending 17 October. This marks the third-busiest auction week of the year to date, behind the week ending 27 October, when 3,135 homes hit the block, and the week before Easter’s 3,519 auctions.
Last week saw the third-lowest combined capital preliminary clearance rate of the current year. The figures came in at 64.1 per cent, dropping from the previous week’s 65.8 per cent. Last week, the final figures ultimately rounded down to 58.4 per cent.
Melbourne hosted the most auctions last week with 1,317 homes going under the hammer. With auction numbers slightly down from the prior week’s 1,330, this week is positioned as the city’s fourth-busiest week for auctions since the start of the spring selling season.
To date, 64.9 per cent of auctions in Melbourne have been reported as successful, dropping from a preliminary clearance rate of 66.5 per cent from the previous week, which ultimately finalised at 59 per cent.
In Sydney 1,108 auctions hit the block, making it the city’s second-busiest week for auctions since the spring selling season began. Last week was the third time this year more than 1,110 auctions were held over a week. With 63.4 per cent of auctions reported as successful based on the early collection, this makes last week the second-lowest preliminary clearance rate so far this year, after the first week of October.
Across the smaller capitals, Brisbane saw the most homes up for auction, with 192 live sale events and 56.3 per cent so far reported as sold. Adelaide hosted 164 auctions, marking last week as the city’s fifth-busiest week for auctions this spring, with 70.7 per cent reporting a successful result so far. In the ACT, 81 auctions were held with a returning preliminary clearance rate of 66 per cent.
This week is expected to see around 2,600 auctions hit the block, stepping up to approximately 2,700 the week after.
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