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

5 Reasons to Hire a Building Contract Lawyer Before Your Next Construction Project in Melbourne

If you're planning to build, renovate, or develop a property in Melbourne, you might be focusing on finding the right architect, builder, or project manager. But there’s one professional mos...

Business Daily Media - avatar Business Daily Media

The Importance of Accurate Commercial Property Valuation for Business Financing

Commercial property valuation plays a pivotal role in the financial strategies of businesses seeking funding. But what exactly does it entail? Simply put, commercial property valuation i...

Business Daily Media - avatar Business Daily Media

Things To Consider When Purchasing A Rental Property

Buying real estate to use as a rental property is a wonderful investment opportunity since it is almost always going to increase in value over time. It can also be a bit daunting for the fir...

Business Daily Media - avatar Business Daily Media

Restoring Australia’s Past: Timeless Materials & Techniques in Heritage Conservation

Heritage restoration balances the need for maintaining historical authenticity and structural integrity for generations to come. Heritage work differs from modern construction, as it calls f...

Business Daily Media - avatar Business Daily Media

AWS research shows strong AI adoption momentum in Australia, with startups outpacing large enterprises in innovation

Amazon Web Services (AWS), an Amazon.com company, released new research revealing that while artificial intelligence (AI) adoption continues to acce...

Changing the World One Bite At a Time: IKU Turns 40

One of Australia’s first plant-based, chef-led eateries and now ready meal provider IKU is celebrating its 40 year anniversary with the business e...

Three generations marking 45 years in hot-air balloons

Australia’s leading hot-air balloon company is celebrating 45 years in the sky and its 700,000th passenger, driven by the passion of father-son du...

Workplace DMs, Reinvented: Deputy Messaging, Purpose-Built For Shift-Based Teams

Deputy, the global people platform for shift-based businesses, has launched Deputy Messaging, a fully integrated, real-time communication tool designe...

Revolutionizing Fulfillment: How Virtual Warehousing is Changing the Game?

The e-commerce landscape is evolving more rapidly than ever, and the way businesses are managing their fulfillment is also revolutionizing. At the...

SME lender Dynamoney welcomes new CEO, Brett Thomas

Strengthens growth ambitions and signals expanded offering Dynamoney, a leading commercial finance provider for Australian SMEs,  has today appoint...

Sell by LayBy