auction
Vendors are returning to the scene. Image – Canva.
  • According to CoreLogic, 4,136 homes were tkaen to auction last week, second highest on record since 2008
  • Clearance rates, however, went down
  • Melbourne did witness a slight increase in the auction clearance rate

Auctions across the combined capital cities remain at a high level, with volumes similar to last week.

According to CoreLogic, 4,136 homes were taken to auction – the second-highest since records commenced in 2008 – only beaten by the previous week in which 4,251 auctions were held.

Nationally the preliminary auction clearance rate is 69.9%, below the previous weeks 71.4%, a sign of a cooling market.

Sydney

According to CoreLogic, last week was the second busiest of the year for Sydney, with 1,467 homes taken to auctions. This is below the 1,546 recorded last week.

So far, 67.3% have been successful – the first time it has dipped below 70% since September 2020. CoreLogic expects this figure to continue to decline as more results are collected.

SQM Research, like CoreLogic’s, shows a busy week yet with a decreased clearance rate. Volumes decreased from 1,742 to 1,665 with the clearance rate decreasing to 51.2%, having been 55.6% the previous week.  This clearance rate is the lowest since the Delta outbreak began in July.

REINSW CEO Tim McKibbin expects the market momentum to cruise along.

“Auctioneers are reporting a high volume of bookings through December and into
January and February, there’s reportedly increased interest in apartments, and investors
are coming back into the market in greater numbers,” he said.

Melbourne

1,899 homes were taken to auction in Melbourne last week, the third busiest of the year so far, according to CoreLogic.

The previous week saw 1,910 homes taken to auction. Both of these weeks are far higher than the 899 recorded at the same time last year.

So far, 69.4% of auctions have been successful, slightly higher than the 68.5% figure recorded last week.

SQM Research shows a minute change to the clearance rate (50.3% to 50.1%) and 1,944 auctions this week compared to 1,968 auctions the previous week.

Other cities…

Across the other major cities, Canberra’s property market continues to boom with an 82.1% clearance rate followed by Adelaide at 76.4% and Brisbane at 74.6%. As of today, only one of the five auctions held in Tasmania was successful.

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