By Kyle Robbins 06 June 2023 | 1 minute read
Nearly 80 per cent of Australian auctions returned a successful result last week, according to CoreLogic.
The national preliminary clearance rate hit 77.2 per cent in the week ending 4 June, according to the research firm, marking the most successful week for the Australian auction market since late October 2021. Such positive results occurred despite national activity falling 2.9 per cent as 1,832 homes went under the hammer.
Sydney was the busiest auction market this past week with 754 auctions held across the NSW capital, up 8 per cent on the previous week’s levels. So far, 584 results have been collected, 79.6 per cent of which have returned a successful result making the week ending 4 June as the city’s second-strongest week since mid-October 2021.
Parramatta was the city’s strongest performing sub-region after 90.9 per cent of its 47 auctions returned a positive result. Conversely, the Central Coast was the poorest performing sub-region after its 15 auctions reported a 40 per cent preliminary clearance rate.
The harbour city’s clearance rate uptick was driven by buyer demand with the portion of properties passed in at auction (8.9 per cent) falling to its lowest point since mid-October 2021, while the withdrawal rate rose slightly to 11.5 per cent.
In Melbourne, 750 auctions were held last week, down 11.1 per cent from the previous week. So far, 636 results have been collected with the city’s preliminary clearance rate dipping 1.3 per cent to 75.8 per cent. Even with this drop, last week represented the eighth consecutive week the city’s preliminary clearance rate was above 70 per cent.
The Victorian capital’s inner south was its strongest performing sub-region after it recorded an 85.6 per cent preliminary clearance rate from 121 auctions, while Melbourne’s west, where 59.7 per cent of the 79 auctions were successful, was its poorest performing sub-region.
Across the smaller capital cities, Brisbane, and Adelaide both recorded preliminary clearance rates of 76.9 per cent from 117 and 81 auctions, respectively. It’s the highest preliminary clearance rate reported in the Queensland capital since mid-February 2022.
Adelaide’s preliminary clearance rate fell 5 per cent to 76.8 per cent this week following 118 auctions taking place in the South Australian capital.
In Perth, just two of the seven results collected so far have returned a successful result, while no auctions were held in Tasmania this week.
CoreLogic is forecasting an easing of auction activity next week as six of the eight states and territories celebrate the King’s birthday long weekend next Monday.