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Momentum gaining as auction clearance rates and volume continues to lift
According to the latest Corelogic auction clearance rate reporting, the overall volume increased 166.1 per cent this week, with 1,160 properties taken to auction in the combined capital, with a clearance rate of 74.1 per cent.
Following last week's impressive results, the week represents a higher success rate in comparison to last week, which initially came in at 68.6 per cent, later revised down to 66 per cent for final figures.
CoreLogic reports this week’s clearance rate is the highest seen since the week ending 21 November 2021 when 74.5 per cent of auctions were successful. When comparing this week’s results and volume with the same time last year, it indicates volumes also marked a rise when 884 capital city homes went to auction and returned a success rate of 77.2 per cent
This week 393 homes were taken to auction in Melbourne, up from the 140 from the previous week. In comparison to the same time last year when 390 homes were taken to auction, it represents a slight increase.
In terms of the success rate, reports show results from 320 auctions have been collected thus far, with a 68.4 per cent success rate. This is significantly higher than last week’s clearance rate, which was 60.4 per cent.
There were 326 auctions held in Sydney this week, experiencing a dramatic increase in last week’s numbers where 73 homes were taken to auction. In terms of the same time last year, there were 56 more auctions this year compared to the 270 last year.
Of the results gathered so far, 254 auctions results have been collected, with a 70.5 per cent success rate. These figures represent an increase of last week’s auction clearance rate of 58.3 per cent. In the same week last year, 76.7 per cent of auctions were successful.
Adelaide, Brisbane, Canberra & Perth
When looking at the results for the aforementioned cities, according to the initial figures, Adelaide has recorded the highest auction clearance rate in the country at 83.6 per cent, followed closely by Canberra at 82.3 per cent and Brisbane at 81.5 per cent.
In terms of Perth and Tasmania, of the results gathered thus far, 12 auction results were reported in Perth, with a 58.3 per cent success rate, as for Tasmania, one auction was held and successful.
In regards to the above markets, Adelaide was the busiest auction market over the with, with 194 auctions taking place, followed by Brisbane with 152 auctions.
Capital City Auction Statistics
If you would like to discuss the Australian property market in more detail, please reach out to the team to organise a time to have a conversation about how Wealthi can help you build a successful property portfolio.
Chris Hynes is Wealthi’s Global Research Analyst, Based in London