Boban John
By Caitlin Fono, Research Analyst, CoreLogic Australia
The preliminary auction rate continued to fall last week, reducing to 69.6% across the combined capitals and marking the second week running where the preliminary clearance rate has come in below the 70% mark.
The lower early clearance rate came alongside a reduction in volume, with 1,629 auctions held, down from 2,749 the week prior. The lower volume of auctions was mostly attributable to a sharp drop across Melbourne due to the Labour Day long weekend. The number of Brisbane auctions also recorded a substantial decline due to the impact from ex-Tropical Cyclone Alfred.
Sydney hosted the most auctions last week, with 871 homes going under the hammer. Based on results collected so far, 70.7% of auctions have recorded a successful result, down from 71.4% a week earlier and the lowest preliminary clearance rate in five weeks.
With the Labour Day long weekend underway, only 496 homes were taken to auction in Melbourne, down from 1,381 the week prior. 70.5% of auctions have been reported as successful so far, in-line with the previous week’s preliminary result of 70.3%, which revised back to 62.8% on final numbers.
Only 82 auctions were held in Brisbane, well down from the scheduled number of 148, with many auctions rescheduled. Considering the weather conditions, the 57.6% preliminary clearance rate was a strong result, up from 55.0% the week prior (revised down to 53.0% on final numbers).
105 auctions were held in Adelaide, with 61.3% reported as successful so far which is the lowest preliminary clearance rate since November 2022. In the ACT, 62 auctions were held with a 75.0% preliminary clearance rate, the highest since the week ending June 23rd last year. Only 12 auctions were held in Perth and one in Tasmania.
