Auction activity and clearance rates rose across the combined capitals after a slump in the number of auctions amid last week’s Federal election - CoreLogic

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The Economy
May 31, 2022

Auction activity and clearance rates rose across the combined capitals after a slump in the number of auctions amid last week’s Federal election - CoreLogic

Recording the busiest week since the pre-Easter spike, auction activity across the combined capital cities rebounded sharply this week, nearly doubling the number of auctions held last week during the Federal election slump (1,672). With 3,229 auctions held across the combined capitals, the volume of auctions held this week was up 11.2% from the 2,905 held this time last year. By Caitlin Fono, Research Analyst, CoreLogic

After trending downwards for five consecutive weeks, the combined capitals preliminary clearance rate rose 80 basis points this week, with 63.7% of the 2,528 results collected so far returning a successful result. Last week’s preliminary clearance rate of 62.9% was revised to 61.3% at final figures, while this time last year 73.5% of auctions held were successful. 

With 1,460 auctions held across the city, Melbourne’s auction activity rose 105.1% this week, more than double the 712 auctions held the week prior. With 1,220 results collected so far, Melbourne’s preliminary clearance rate rose one percentage point from 61.9% last week to 62.9% this week. Last week’s preliminary rate was revised up to 62.2% at final figures. This time last year 71.7% of the 1,246 auctions held in Melbourne were successful.  

Sydney’s auction activity surged this week, recording more than 1,000 auctions for the first time in seven weeks. With 1,119 auctions held across the city, this week’s auction activity was more than double the 532 auctions held the week prior, but down -4.7% from the 1,174 auctions held this time last year. After reaching a low of 58.7% in early May, Sydney’s preliminary clearance rate continued to trend upwards for the third consecutive week, with 62.8% of the 869 results collected so far returning a successful result. Last week’s preliminary clearance rate of 61.7% was revised down to 58.4% at final figures, while this time last year 76.0% of auctions held recorded a successful result.

Auction activity rose 51.9% across the smaller capitals this week with 650 auctions held. Brisbane overtook Adelaide as the busiest amongst the smaller capitals, taking 252 homes to auction this week, followed by Adelaide (224) and Canberra (149). Adelaide recorded the strongest preliminary clearance rate with 79.4% of auctions held recording a successful result. This was followed by Canberra (73.5%) and Brisbane (55.1%) which both recorded a fall in preliminary clearance rates. In Perth, eight of the 15 auction results collected so far were successful while neither of the two results collected in Tasmania were successful.

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