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Preliminary clearance rates continue to trend upwards despite auction activity rising 35.2% week-on-week

To date, the 2022 auction market has been characterised by above-average auction activity and an upward trend in clearance rates. This week was no exception with 2,405 capital city homes going under the hammer, up 35.2% from the week prior (1,779) and up 60.8% compared to this time last year (1,496). Despite the above-average auction volumes, clearance rates across the combined capitals have trended upwards to record the highest preliminary clearance rate since late November. Of the 1,962 results collected so far, 75.7% recorded a successful result, up from last week’s final clearance rate of 72.5%, which was revised down from a preliminary clearance rate of 74.2%. Despite the upwards trend, this week’s clearance rate is still below those recorded this time last year, when 77.1% of auctions held were successful.

Capital City Auction Statistics (Preliminary)

Melbourne had the busiest auction market this week with the number of auctions held in excess of 1,000, for the first time this year. With 1,033 auctions held across the city, auction activity was up 77.5% compared to the previous week (585) and up 62.7% compared to this time last year (635). With 895 results collected so far, 70.3% have been successful. This week’s preliminary clearance rate is down from last week’s preliminary rate of 74.6%, which was virtually unchanged (74.7%) at final figures, and down compared to the 70.6% of auctions that were successful this time last year.

Weekly clearance rate, combined capital cities

Sydney was host to 892 auctions this week, up from 600 the week prior and up 42.7% compared to this time last year (625). Despite the increase in volumes, Sydney recorded its highest preliminary clearance rate since late October, with 79.6% of the 739 results collected so far returning a successful result. Compared to last week’s final clearance rate of 72.7%, which was revised from a preliminary rate of 76.8%, this week’s results are up, but lower compared to the result recorded this time last year (83.9%). The recent trend in clearance rates is a stark turnaround from the December results, where Sydney’s auction clearance rate was tracking around the low 60% range.

Capital City Auction Statistics (Preliminary)

Across the smaller capitals, auction activity has taken a breather following a solid ramp up earlier in the year, with auction activity down 19.6% compared to the week prior. Despite this, the number of auctions held across the smaller capitals is still more than double those seen this time last year. Canberra recorded the highest preliminary clearance rate for the third consecutive week, with 81.9% of the 117 auctions held recording a successful result. This was followed by Brisbane (80.7%), Adelaide (80.4%), and Perth (73.3%). Tasmania hosted four auctions this week, one of which has recorded a successful result.

Sub-region auction statistics (preliminary)

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CoreLogic Australia

CoreLogic Australia

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