Australian auction market bounces back from a 20 week low for clearance rates
The preliminary clearance rate rose to 72 per cent. Image: Canva.
  • Last week was expected to be the busiest weekend of the year.
  • The auction market saw 2,550 homes head under the hammer.
  • The preliminary clearance rate rose to 72%.

The Australian auction market has returned from the previous week’s underwhelming preliminary clearance rate of 70.1%, which was also the lowest preliminary clearance rate in 20 weeks, to 72%, according to CoreLogic.

While originally expected to be the busiest weekend of the year, some 200 hundred homes were rescheduled for a later date and 184 homes were withdrawn from auction. This made last weekend the second busiest auction week of the year to date.

The 10.2% week-on-week rise in auction activity paled in comparison to the rise from last year’s figures, owing to the fact much of the nation was taking time off; public holidays included the national day of mourning for Her Majesty the Queen, the AFL grand final, and the Sovereign’s birthday in Queensland and Western Australia. Last year saw 1,316 homes go under the hammer with a final clearance rate of 60.0%.

Melbourne saw auction activity return to above the thousand home mark. Hosting 1,038 auctions, it was a 5.7% rise from 982 in the week prior. Given the national day of mourning and the AFL grand final, it came as no surprise that Victorian auctions only came in at 130 last year. The city’s preliminary clearance rate was 70.5%, rising above the 70% mark for just the second time in five weeks.

Sydney recorded the highest preliminary clearance rate in four weeks, at 74.4%. The city hosted 978 auctions. CoreLogic’s Kaytlin Ezzy noted that the rise in preliminary clearance rates was driven by both buyers and vendors:

“Sydney’s withdrawal rate and the portion of properties passed in at auction [fell] to 12.9% and 12.7% respectively.”

Brisbane and Adelaide held their busiest auction weekends, with Adelaide recording the highest preliminary clearance rate among the smaller capitals for the fourteenth consecutive week, at 84.1%.

Over half the homes that headed under the hammer in Canberra reported a successful result, and only five of the 20 homes that were auctioned in Perth were successful.

City Clearance rate Total auctions CoreLogic auction results Cleared auctions Uncleared auctions
Sydney 74.4% 978 777 578 199
Melbourne 70.5% 1,038 838 591 247
Brisbane 70.3% 237 148 104 44
Adelaide 84.1% 174 82 69 13
Perth 29.4% 20 17 5 12
Tasmania n.a. 1 1 0 1
Canberra 57.1% 102 70 40 30
Weighted average 72.0% 2,550 1,933 1,387 546

Source: CoreLogic.

You May Also Like

When will Australian property prices fall? One major challenge continues to prop prices up

Property prices are up by over 35% across the country since Covid, and while not the same story in each city, that’s little solace to prospective buyers pulling their hair out.

A window of opportunity could be open for savvy Australian property investors, but time is ticking

One expert has noticed investors are on the move while there’s less competition and fewer buyers in the marketplace.

Why Aussie property buyers aren’t waiting for rate cuts anymore

A surge in home loans shows buyers aren’t waiting for interest rates to drop before taking the plunge.

How population density is reshaping Australian cities

Explore the relationship between population density and housing trends.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Rentvesting in Australia: A deep dive

Rentvesting offers an alternative path into the property market for priced-out first-time buyers.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.