Business Daily Media

Men's Weekly

.

Preliminary clearance rates dip as capital city auction activity rises

  • Written by Kaytlin Ezzy, Economist, CoreLogic


With the spring selling season just around the corner, auction activity rose above the 2,000 mark for the first time in nine weeks, with 2,018 homes auctioned across the combined capitals this week. Rising for the fourth consecutive week, this week’s auction activity is up 10.8% compared to last week (1,816) and is 3.0% above the number of auctions held this time last year (1,960). The increase in auction activity saw preliminary clearance rates dip after holding above 60% for the past two weeks. Of the 1,522 results collected so far, 59.1% returned a successful result, down 3.5 percentage points from last week’s preliminary rate (62.6%, revised to 58.8% at final figures) but 1.1 percentage points above the clearance rate recorded this time last year (58.0%).

Across Sydney, this week’s auction activity was up 23.8% compared to the previous week (639) and 33.6% higher than this time last year (592), with 791 homes auctioned across the city (the highest volume of auctions held since late June). With 591 results collected so far, Sydney recorded its lowest clearance rate in three weeks (56.9%), and highest withdrawal rate in eight weeks (25.4%). A preliminary rate of 63.4% was recorded the previous week, later revised to 59.1% at final figures, while this time last year 80.2% of auctions returned a successful result.

With 829 homes auctioned across the city, Melbourne hosted the most auctions of any capital city this week. While this week’s auction activity is up 6.4% compared to the 779 auctions held the week prior, it is -10.7% below the number of auctions held this time last year (928). With 61.3% of the 684 auction results collected so far returning a positive result, Melbourne’s preliminary clearance rate fell 3.7 percentage points this week. The previous week recorded a preliminary clearance rate of 64.9%, revised to 60.8% at final figures, while this time last year 35.9% of auctions were successful, dragged lower amid Melbourne’s sixth lockdown.

Auction activity held steady across the smaller capitals this week, with auction volumes rising across Adelaide (12.1%) and Perth (53.3%) but falling across Canberra (-13.7%), and Brisbane (-5.2%). Brisbane recorded both the busiest week and the lowest preliminary clearance rate, with 41.6% of the 145 auctions held returning a successful result. Adelaide hosted 139 auctions and recorded a preliminary clearance rate of 78.0%, while 62.7% of the 88 auctions held in Canberra sold under the hammer. Results for 14 of the 23 auctions held in Perth have been collected so far, six returned a successful result, while just one of the three auctions held in Tasmania this week was successful.  

Property

How Sydney Drone Photography Transforms the Way Properties Are Marketed

Key Highlights Drone photography provides stunning aerial perspectives, showcasing properties in a way that traditional photography cannot match. This innovative technology allows real...

Business Daily Media - avatar Business Daily Media

Reventon Sells Home for $840,000 — Donates Entire Proceeds to Fight Homelessness

$840K Donation to Vinnies Victoria to Support Australians in Housing Crisis MELBOURNE – In a powerful act of generosity, the Melbourne-based property investment and wealth management fi...

Business Daily Media - avatar Business Daily Media

Dual Living Homes in Sydney: Smart Design for Modern Living

  Dual living homes are growing in popularity in Sydney due to rising housing costs and shifting family dynamics. Smart layouts with privacy and flexibility allow multiple househol...

Business Daily Media - avatar Business Daily Media

Renting a House? Why Renting Furniture Makes Perfect Sense

Moving into a new rental property is an exciting milestone, but it also comes with many decisions—one of the biggest being how to furnish your home. Buying furniture outright can be costly...

Business Daily Media - avatar Business Daily Media

How AI is Reshaping Banking in Australia

AI in the Banking and Financial Services Industry  From fraud detection and credit scoring to personalised financial advice, AI is transforming t...

Tracksuit set for growth after $38M investment

Tracksuit Raises $38M Series B to Accelerate Global Expansion and Boost its Growing US Presence VMG Partners leads oversubscribed round; Tracksui...

Deputy Launches Payroll in Australia: Purpose Built for Shift-Based Businesses

Deputy, the global people platform purpose-built for shift work, officially launched Deputy Payroll in Australia today — a seamless experience desig...

How Notion is Addressing Australia's Tech Bloat and Productivity Challenges

In Australia's rapidly evolving digital landscape, businesses are facing an unexpected challenge : tech bloat. This phenomenon is causing a signific...

Konica Minolta Australia partners with Box to drive Intelligent Content Management

Konica Minolta Australia has announced a strategic partnership with Box, the leader in Intelligent Content Management, to deliver a transformative...

TP Leverages AI for Accent-Translation to Improve Customer Engagement

Global digital business services provider Teleperformance (TP) is leveraging AI voice technology to improve communication between customers and se...

Sell by LayBy