️ Highlights:
Here are the top 5 takeaways from the article:
1. Auction activity across the combined capitals rose by 2.6% last week, making it the busiest week since early April and the third busiest of the year.
2. The preliminary clearance rate fell to its lowest point in 20 weeks, with 70.1% of the results collected so far returning a successful result. However, this is still higher than the clearance rate recorded at this time last year.
3. Sydney had its busiest auction week since before Easter, with a preliminary clearance rate of 72.5%, which is the lowest rate in six weeks. The dip was driven by an increase in vendors withdrawing their properties from the market.
4. Melbourne’s auction activity dipped below 1,000 homes for the first time in four weeks, with a preliminary clearance rate of 69.6%. This is lower than the previous week’s rate and the rate recorded at this time last year.
5. Among the smaller capital cities, Brisbane had the highest auction activity, followed by Adelaide and Canberra. Adelaide had the highest preliminary clearance rate among the smaller capitals, followed by Brisbane and Canberra. No auctions were held in Tasmania last week.
In the recent week, the auction activity in the combined capitals witnessed a surge of 2.6%, bringing the total number of homes taken to auction to 2,334. This marks the busiest period since early April, surpassing the activity recorded in the first week of September.
Detailed Capital City Analysis
- Sydney: The city observed its most active auction week since before Easter, with 941 homes auctioned, a 4.8% increase from the previous week. However, the preliminary clearance rate fell to 72.5%, a six-week low, influenced mainly by a rise in vendor withdrawals to 15.8%.
- Melbourne: The auction numbers decreased below 1,000 for the first time in four weeks, totaling 982 homes. The preliminary clearance rate also experienced a dip, settling at 69.6%, a decline of 1.9 percentage points from the previous week.
Smaller Capital Cities Overview
- Brisbane and Canberra: Both cities saw an increase in weekly auction activity, with Brisbane leading in the number of homes auctioned among smaller capitals.
- Adelaide: Despite a slight decrease in activity, it recorded the highest preliminary clearance rate of 83.8% among smaller capitals.
General Trends and Insights
- Withdrawal Rate: A significant factor in the dip in clearance rates was the increase in the withdrawal rate, which stood at 10.1%.
- Yearly Comparison: Despite the dip, the current preliminary clearance rate of 70.1% is notably higher than the 60.1% recorded during the same period last year.
Final Remarks
The data presented are preliminary and subject to change with the final auction clearance rates to be published each Thursday. CoreLogic ensures a high accuracy rate in data collection, averaging 99% of auction results weekly.