CoreLogic Auction Market Preview: Final clearance rate hits 60% for first time since May 2022
Auction Market Preview – Week ending September 25
THURSDAY 22 SEPTEMBER, 2022
There are 1,394 homes currently scheduled for auction across the combined capital cities this week, down -36.7% from last week (2,203) and -14.3% lower than this time last year when 1,626 homes were auctioned. This week’s lower auction activity can largely be attributed to the Queen’s memorial public holiday and the AFL Grand Final in Melbourne this weekend.
Across Melbourne, auction volumes are expected to fall -87.3% week-on-week as the city gears up to celebrate the AFL Grand Final long weekend with just 128 homes currently scheduled for auction. Last week saw 1,008 auctions held across the city, the busiest auction week since the week ending 19th June (1,266), while this time last year 352 auctions were held.
There are 879 homes set for auction across Sydney this week, rising 13.9% from last week when 772 auctions were held across the city. This week’s scheduled auction activity is 6.0% higher than this time last year when 829 homes were taken to auction across Sydney.
Across the smaller capital cities, Brisbane is set to see auction volumes fall -15.2% week-on-week with 145 homes scheduled to go under the hammer this week, down from 171 last week. Adelaide is expecting 117 auctions to occur this week, down -8.6% from the previous week (128), while in Canberra there are 116 homes scheduled for auction, up 12.6% week-on-week (103). Perth will see just seven homes taken to auction, down from 20 last week, while there are two auctions expected to occur in Tasmania this week.
Summary of final results – week ending 18 September 2022
Last week saw 2,203 homes taken to auction across the combined capital cities, up from both the previous week (1,918) and this time last year (1,672), making it the busiest auction week since the week ending 26th June 2022 (2,364).
The combined capital city clearance rate rose for the third consecutive week, with the final clearance rate coming in at 60.1% last week, the highest clearance rate recorded since the week ending 22 May 2022 (61.3%). The previous week recorded a clearance rate of 59.7%, while this time last year, 75.1% of reported auctions were successful.
For a summary of last week’s clearance rates by capital city, please see CoreLogic’s weekly Auction Market Preview attached.
For more information contact firstname.lastname@example.org.