australian auction market 17 september 2023 preliminary
Image: Canva.
  • The preliminary clearance rate fell to 70.1% for the week ending 17 September.
  • Falls were driven by an increased withdrawal rate.
  • Withdrawals comprised 15.8% of the results collected so far in Sydney.

Auctions for the week ending 17 September 2023 have returned a disappointing result despite the elevated number of properties heading under the hammer.

The number of properties taken to auction over the weekend was 2,334, representing a 2.6% rise from 2,275, according to CoreLogic. Last week also surpassed the first weekend of spring (2,286) as the busiest weekend since early April and was the third busiest auction weekend of the year to date.  This time last year, 2,203 homes were auctioned.

According to CoreLogic, the preliminary clearance rate was 70.1%, representing a 1.6 percentage point fall from the previous week’s preliminary clearance rate of 71.7%; the final clearance rate for the previous week was 65.8%.

While the rate remains 10 percentage points higher than the final result recorded this time last year (60.1%), the preliminary clearance rate is the lowest point in 20 weeks. This fall was largely driven by an increased withdrawal rate (10.1%).

Preliminary data for the week ending 17 September 2023

Sydney led the charge as the busiest auction market, clocking in 941 homes heading under the hammer.

While auction activity leapt 4.8%, the preliminary clearance rate fell 90 basis points to its lowest in six weeks, at 72.5%.

Withdrawals were also notable, with 15.8% of the 748 results collected so far from the city being withdrawn from the market. This is up from 10.4% in the week prior.

While more vendors chose to take properties off the market, the portion of properties passing in at auction (11.8%) fell to its lowest rate since late October 2021 (11.5%).

Among Sydney’s sub-regions, the Northern Beaches recorded the strongest clearance rates at 88.5% across 67 auctions. Ryde and the Inner West were the next two highest, recording rates of 84.9% and 84.8% respectively.

Melbourne saw activity dip below the 1,000 home mark for the first time in four weeks, with the number of homes heading to auction both below last week’s figures (-3.3%, 1,016) and below the same time last year (-2.6%, 1,008).

The preliminary clearance rate also dropped, now below the 70% mark once again.

For Melbourne’s sub-regions, the strongest performer was Inner East, recording a 76.8% clearance rate across 126 properties. The next strongest was Inner South at 76.2%.

Brisbane (31.1%) and Canberra (14.6%) saw auction activity rise, Perth’s auction market was stable, and Adelaide recorded a 3.1% dip in activity.

Adelaide recorded the strongest preliminary clearance rate across the smaller capitals, with 83.8% of auctions reporting a successful result, followed by Brisbane (64.7%) and Canberra (50.6%).

Preliminary data for the week ending 17 September 2023

City Clearance rate Total auctions CoreLogic auction results Cleared auctions Uncleared auctions
Sydney 72.5% 941 748 542 206
Melbourne 69.6% 982 789 549 240
Brisbane 64.7% 173 133 86 47
Adelaide 83.8% 123 68 57 11
Perth n.a. 13 4 1 3
Tasmania n.a. 0 0 0 0
Canberra 50.6% 102 79 40 39
Weighted 70.1% 2,334 1,821 1,275 546

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.