CoreLogic | Capital city auction clearance rates continue to decline
- Written by: Caitlin Fono, Research Analyst, CoreLogic
There were 2,526 homes taken to auction across the combined capital cities this week, up 83.2% from the previous week when six of the eight states and territories celebrated the Queen’s Birthday long weekend (1,379).
This time last year, 2,400 auctions were held across the combined capital cities. Of the 1,968 results collected so far, 57.8% were successful, the lowest preliminary clearance rate since August last year. The previous week returned a preliminary clearance rate of 58.5%, revising down to 54.8% at final figures which is the lowest final clearance rate recorded since late July 2020. This time last year, 74.1% of reported auctions were successful.
In Melbourne, 1,264 homes were taken to auction this week, up from 450 over the previous week and 788 this time last year. Of the 1,016 results collected so far, 57.9% have been successful, up slightly from the previous week’s preliminary clearance rate of 57.4%, which revised down to 52.4% at final figures, the lowest final clearance rate the city has seen since September 2021. Over the same week last year, 69.0% of auctions were successful.
There were 793 auctions held across Sydney this week, compared to 541 over the previous week and 1,157 this time last year. Of the 624 results collected so far, 55.4% were successful, the lowest preliminary clearance rate the city has seen since April 2020. The previous week recorded a preliminary clearance rate of 58.1%, which revised down to 54.3% at final figures. Once the remaining results are collected, Sydney’s final clearance rate may slip into the 40% range, although it’s likely to just manage to hold above 50.%.
Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (70.0%), followed by Canberra (64.0%) and Brisbane (52.2%). Adelaide was the busiest auction market this week with 179 homes taken to auction across the city, followed by Brisbane (174), Canberra (101) and Perth (14). There was one auction held in Tasmania.
