Combined clearance rate holds above 70% despite increased activity across the capitals

The combined capitals saw 1,961 homes taken to auction this week, returning a preliminary auction clearance rate of 70.2%, from the 1,481 results collected. Despite a 13.1% increase in the number of dwellings taken to auction, as compared to last week (1,734), this week’s preliminary clearance rate reduced by only 50 basis points on last week’s result of 70.7%.

Although auction activity has been increasing for the past 3 weeks (which is counter to the typical seasonal trend through winter), the number of homes taken to auction is expected to decrease next week. This time last year, 1,913 dwellings were auctioned across the capital cities, and a final clearance rate of 54.0% was recorded.

Capital City Auction Statistics (Preliminary)

Melbourne held the most number of auctions this week, continuing an unseasonal trend of increase, up 24.4% from last week, with 846 homes going under the hammer. From the 668 results collected, Melbourne’s preliminary clearance rate of 69.9% this week, is 1.9 percentage points higher than last week’s preliminary result of 68.0%.

Last week saw 681 homes go under the hammer, returning a final clearance rate of 64.6%. Over the same week last year, 809 auctions were held across Melbourne and a clearance rate of 56.6% was recorded.

Capital City Auction Statistics (Preliminary)

Sydney was host to 760 auctions this week, a lift of 9.4% on last week’s 695 dwellings auctioned. The preliminary result, from 573 outcomes collected, is showing a clearance rate of 72.4%, down -1.8 percentage points on last week’s preliminary result (74.2%).

Last week, the final auction clearance rate for Sydney was 67.7% across 695 homes. This time last year 624 homes were taken to auction and combined clearance rate of 50.0% was achieved, the lowest rate observed in Sydney from the past 12 months.

Weekly clearance rate, combined capital cities

Across the smaller capitals, Brisbane hosted 174 auctions, nine more homes than last week and the highest number since the last week of April 2023 (201). The preliminary clearance rate for Brisbane dropped -7.8 percentage points this week to 58.3%.

Adelaide recorded the strongest preliminary clearance rate among the capitals at 82.8% and was the next busiest capital with 113 auctions held. Canberra was host to 53 auctions and recorded a 70.6% success rate.

In Perth, 14 auctions were scheduled and two have been recorded as successful, while six were withdrawn. There were no scheduled auctions in Tasmania this week.

Capital City Auction Statistics (Preliminary)

The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 99% of auction results each week.  Clearance rates are calculated across properties that have been taken to auction over the past week.

Sub-region auction statistics (preliminary)

CoreLogic, on average, collects 99% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.

Source https://www.corelogic.com.au/news-research/news/2023/combined-clearance-rate-holds-above-70-despite-increased-activity-across-the-capitals