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CoreLogic | More than 2,000 homes go under the hammer and preliminary clearance rates edge higher

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CoreLogic | More than 2,000 homes go under the hammer and preliminary clearance rates edge higher

Property Market Indicator Summary

MONDAY, 24 OCTOBER, 2022
Combined capital city auction volumes rise above 2,000 for the third time since late June

By 
Caitlin Fono, Research Analyst, CoreLogic

 

There were 2,155 auctions held across the combined capital cities this week, rising above 2,000 for just the third time since late June. While up 23.8% from the previous week, the number of homes taken to auction this week is -28.6% lower than this time last year (3,019). With 1,785 results collected so far, 62.7% auctions held were successful, up from the previous week’s 61.4% preliminary clearance rate, which revised down to 59.8% at final figures. This time last year, 78.9% of reported auctions were successful.

 

There were 1,141 homes taken to auction in Melbourne this week, the busiest auction week since the city has seen since the week ending 19th June (1,266) as the city gears up to celebrate the Melbourne Cup carnival, which begins next weekend. The previous week saw 690 homes taken to auction across the city, while this time last year, 1,467 auctions were held. Of the 968 results collected so far, 64.6% were successful, up from 63.8% the previous week, which revised down to 60.1% at final figures. Melbourne’s final clearance rate has held above 60.0% for the past seven weeks, and this week will likely be no different.

 

There were 639 auctions in Sydney this week, down -3.8% from the previous week (664), and -34.4% lower than this time last year when 974 auctions were held across the city. With 542 results collected so far, 61.6% were successful, down just 10 basis points from last week’s preliminary clearance rate of 61.7%, which revised down to 61.2% at final figures. This time last year, 78.5% of homes taken to auction across Sydney were successful.

 

Brisbane was the busiest auction market of the smaller capitals, with 148 homes taken to auction across the city, followed by Adelaide (131) and Canberra (83). There were 12 auctions held in Perth this week, and one in Tasmania. Adelaide has recorded the strongest preliminary clearance rate so far (75.3%), followed by Canberra (57.6%) and Brisbane (48.6%). In Perth, just one of the eight auctions collected so far was successful.

Note for editors: The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 99% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.

Full details, listing updates and top sales of the week can be found in the attached Property Market Indicator.
For more information or to arrange an interview please contact media@corelogic.com.au.

 

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