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  • 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.

Source: CoreLogic.

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