auction activity and preliminary clearance rates fell 15102023
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  • Auction activity across the nation eased 6.5%.
  • Early data for Melbourne saw clearance rates fall 4.2ppt.
  • Sydney preliminary clearance rates rose 2.6ppt.

Last weekend saw an easing in auction activity, along with a lower preliminary clearance rate, according to CoreLogic’s latest Property Market Indicator Summary.

The week ending 15 October 2023 saw 2,286 homes head under the hammer, a 6.5% reduction compared to the previous week’s 2,446.

Preliminary clearance rates for the 1,767 results collected thus far are 69.9%.

“Prior to last week, the capital’s preliminary clearance rate held above the 70% mark for 23 consecutive weeks,” said CoreLogic’s Kaytlin Ezzy.

This time last year, 1,741 auctions were held, and 59.8% of auctions were successful.

Capital city auction statistics (preliminary)

City Auctions last week Preliminary clearance rate last week
Melbourne 1,012 68.5%
Sydney 918 72.3%
Brisbane 121 63.3%
Adelaide 121 72.3%
Canberra 98 67.2%
Perth 15 N/A
Tasmania 1 (sold prior) N/A

Source: CoreLogic.

Melbourne auction activity eased by 12.2% from 1,152 in the week prior. Ezzy noted that the 1,012 homes that were taken to auction made it the sixth time in eight weeks that auction figures held above the 1,000 mark.

Preliminary clearance rates for Melbourne fell 4.2 percentage points.

Sydney also saw the number of homes heading to auction fall, down to 918 from 921; this time last year, 664 auctions were held.

The preliminary clearance rate for Sydney rose 2.6 percentage points.

While an uptick in successful auctions was recorded, the withdrawal rate rose from 14% to 15.3%.

The proportion of properties passed in at auction in Sydney fell to 12.4%, its lowest since late October 2020 (11.5%).

Among the smaller capitals, Brisbane and Adelaide both saw reduced auction activity, down 10.4% and 3.2% respectively. Canberra numbers were steady at 98.

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