Latest NewsAuction clearance rates continue to bounce back on higher volumes as Brisbane, Adelaide and Canberra record more than double the number of auctions held a year agoMonday, 07 February 2022

 

[Kaytlin Ezzy]

Auction activity continues to ramp up across the combined capitals with 1,786 homes taken to auction this week, up 53.2% from the 1,166 auctions held last week and 37.0% higher relative to the same week last year. Of the 1,427 results collected so far, 74.2% were successful, up slightly from last week’s preliminary clearance rate of 74.1%, which was revised down to 72.4% at final figures.  This time last year 79.3% of the 1,304 auctions held were successful.

Sydney hosted 590 auctions this week, up 78.2% from the previous week (331) and up 32.0% from those recorded this time last year (447). Of the 482 results collected so far, 76.8% recorded a successful result. This is up from last week’s preliminary clearance rate of 70.5%, which revised down to 66.3% at final figures. Over the same week last year, 84.4% of auctions held were successful.

Across Melbourne, 573 homes went under the hammer this week, up 45.4% compared to the week prior (394) but down slightly from the 615 auctions held this time last year. Of the 500 results collected so far, 74.6% have been successful, up from last week’s final clearance rate of 67.5%, which was revised down from a preliminary clearance rate of 68.4%. This week last year 76.0% of auctions were successful.

The surge in auction activity is being led by the smaller capitals, with Brisbane, Adelaide and Canberra each recording auction volumes more than double those seen this time last year. Adelaide recorded the highest preliminary clearance result, with 89.8% of the 127 results collected so far returning a successful result. Canberra recorded a preliminary clearance rate of 84.7%, down slightly from last week’s final clearance rate of 85.5%. In Perth, nine of the 27 auction results collected so far were successful, while two results in Tasmania have been recorded, neither of which were successful.

Despite auction activity surging across the city and an 80.1% final clearance rate last week, Brisbane recorded its lowest preliminary clearance rate since January last year (55.2%) with 56.7% of the 171 results collected so far returning a successful result. The low clearance rate was  largely driven by an above-average number of withdrawals amid a series of storms over the weekend, with Brisbane recording its highest withdrawal rate since May 2020 with 24.6% of this week’s scheduled auctions being withdrawn.

 

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