house auction
Image: Canva.
  • 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.


You May Also Like

Melbourne property market sees mom and dad builders flock to outer suburbs for the best bang for buck

The cost of building a house in these top 20 suburbs started at $272,944 and topped out at $387,688.

Australian rental market clocks in a near-40% price growth, while wages struggle to keep up

Rents soared by almost 40% across the pandemic, while wages barely clocked in 20% growth.

Gender gap closes? Women outpace men in overall property ownership

Challenges persist for younger women in achieving homeownership, highlighting the need for targeted solutions.

Exclusive: Top five regional New South Wales housing markets revealed, the affordable alternatives to Sydney

Hotspotting has exclusively revealed to TPT New South Wales housing market’s five best regional hotspots for homebuyers and investors.

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.

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.

Strata properties as investments: All you need to know about investing in a Perth unit

As the cost of renting approaches the cost of a mortgage, more people are investing in units to escape the rental trap.