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Second busiest auction week of the year

By Mo Zeitouneh

There were 3,062 homes taken to auction across the combined capital cities this week, making it the second busiest auction week of the year so far. The previous week saw 2,054 homes taken to auction, with the lower volumes attributed to public holiday long weekends across four of the eight states and territories, while this time last year 2,710 auctions were held.

Capital City Auction Statistics (Preliminary)

Of the 2,479 capital city results collected so far, 69.8 per cent were successful, marking the first time the preliminary clearance rate has slipped below 70.0 per cent since the week ending 23rd January 2022. The previous week recorded a preliminary auction clearance rate of 72.2 per cent, which revised down to 68.9 per cent at final figures, while this time last year, 80.9 per cent of reported auctions were successful. Once final results are collected, it’s likely that the final clearance rate will hold below 70.0 per cent for the third consecutive week.

Melbourne was host to 1,504 auctions this week, up from 608 over the previous week and 1,322 this time last year. Of the 1,260 results collected so far, 68.9 per cent have been successful, down from the previous week’s preliminary clearance rate of 71.9 per cent, which revised down to 68.6 per cent at final figures. Over the same week last year, 78.8 per cent of reported auctions were successful.

Weekly clearance rate, combined capital cities

In Sydney, 1,005 homes were taken to auction across the city, similar to both the previous week (1,008) and this time last year (1,025). The clearance rate was down slightly week-on-week, with 69.7 per cent of the 824 results collected so far reporting a successful result. The previous week saw a preliminary clearance rate of 70.4 per cent, revising down to 67.1 per cent at final figures, while this time last year, 85.0 per cent of reported auctions were successful.

Capital City Auction Statistics (Preliminary)

Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (83.6 per cent), followed by Canberra (76.2 per cent) and Brisbane (61.2 per cent). In Perth, 12 results have been collected so far, reporting a 41.7 per cent clearance rate. Adelaide was the busiest auction market this week with 195 homes taken to auction across the city, followed closely by Brisbane (189). Canberra was host to 150 auctions this week, while 19 auctions were held in Perth. There were no auctions in Tasmania this week.

Sub-region auction statistics (preliminary)

source: corelogic.com.au

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