- Last week was the second busiest auction week since records began in 2008, says CoreLogic
- Clearance rates continue to decline
- This week was the fourth consecutive week of over 4,000 capital city auctions
Last week was the second busiest auction week since CoreLogic began records in 2008, with 4,756 homes taken to auction across the combined capital cities.
This marks the fourth consecutive week where over 4,000 capital city homes have been taken to auction – something that has not occurred before.
While volumes are at record levels, clearance rates continue to decline, reaching a preliminary rate of 63.4% last week, down from 66.6% the previous week. This is lower than the 69.8% reported during the same time last year.
Including this weeks preliminary figures, 116,684 homes have been taken to auction across the capital cities this year, overtaken 2017 as the busiest auction year on record (109,268).
Sydney
According to CoreLogic, 1,631 homes were taken to auction in Sydney making it the second busiest week on record (tied with the week ending 30 November 2014).
SQM Research shows that 1,702 homes were taken to auction last week – below the previous weeks 1,973 record. Despite the lower volume, the clearance rate declined to 47.6%.
Auction Clearances – Sydney
Melbourne
Melbourne also recorded its second busiest auction week on record according to CoreLogic with 2,140 homes taken to auction. In perspective, this time last year 1,182 homes were taken to auction. The preliminary clearance rate is 62.3%, down from 65.3% the previous week. The same week last year 69.4% of auctions were successful.
SQM Research shows 2,215 homes were taken to auction last week, below the 2,332 recorded the previous week, but well above the volumes seen since the pandemic begun.
A clearance rate of 45.8% was recorded, below the 50.4% rate from the previous week.
Auction Clearances – Melbourne
Elsewhere…
Outside the two major cities, Brisbane, Adelaide and Canberra all witnessed their busiest auction weeks since CoreLogic’s records began in 2008. However, like Sydney and Melbourne, clearance rates are lower with 73% of auctions cleared in Canberra and 71.1% in Adelaide.
