- Over 2,400 homes headed under the hammer.
- A preliminary clearance rate of 71% was recorded.
- Improved rates driven by fewer withdrawals and fewer properties passing in at auction.
Australian auction markets have bounced back, holding 2,436 auctions and recording a 71.0% preliminary clearance rate from the 1,901 results collected so far, according to CoreLogic.
The latest activity is a doubling of the week prior when 1,198 homes were auctioned; the reduced number of auctions was primarily due to public holidays observed across several capitals.
This time last year, 1,815 auctions were held.
The preliminary clearance rate of 71% is up seventy basis points from last week’s preliminary result of 70.3%. CoreLogic’s Kaytlin Ezzy explained the driver of improved preliminary clearance rates included a reduced withdrawal rate (10.8%) and a reduced portion of properties passing in at auction (18%).
| City | Clearance rate | Total auctions | CoreLogic auction results | Cleared auctions | Uncleared auctions |
|---|---|---|---|---|---|
| Sydney | 69.7% | 918 | 713 | 497 | 216 |
| Melbourne | 72.7% | 1,138 | 931 | 677 | 254 |
| Brisbane | 72.3% | 134 | 101 | 73 | 28 |
| Adelaide | 80.8% | 124 | 78 | 63 | 15 |
| Perth | n.a. | 12 | 6 | 2 | 4 |
| Tasmania | n.a. | 3 | 3 | 1 | 2 |
| Canberra | 56.5% | 107 | 69 | 39 | 30 |
| Weighted average | 71.0% | 2,436 | 1,901 | 1,352 | 549 |
Source: CoreLogic.
Sydney recorded its first sub-70% preliminary clearance rate in nine weeks, coming in at 69.7%. Ezzy noted that the decline was driven by a higher rate of withdrawals (17.4%). The portion of properties passed in fell to 12.9%.
Across the Sydney sub-regions, the Inner West recorded the strongest preliminary results (85.3%), with Sutherland (76.9%) and the Eastern Suburbs (75.3%) rounding out the top three.
On the other hand, Melbourne saw preliminary clearance rates rise back above the 70% mark, coming in at 72.7%. The city hosted more than a thousand homes at auction again.
Melbourne’s strongest sub-region was the Inner South (80.8%), which saw 166 homes head under the hammer. Also in the top three were Outer East (78.5%) and North East (77.6%).
Weekly clearance rates for combined capital cities.
