- 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 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.