Spring finally dawned as the auction volume surpassed 2,000.
CoreLogic data indicates it is the third week since the end of June that volumes have reached that level.
According to the latest auction report 2,155 homes were auctioned in the week ending October 23, 2022, a 23.8% increase in the previous week. But it’s still lower than the 3,019 records recorded last year.
So far, 1,785 results have been compiled, with 62.7% yielding successful results, a 1.3 percentage point increase from last week’s preliminary clearance rate of 61.4%, revised to 59.8% at the final figure.
Most of the auctions were concentrated in Melbourne this week. Victoria’s capital hosted 1,141 auctions, the city’s busiest week since June 19, when 1,266 auctions took place.
As the city prepares for the famous Carnival Melbourne Cup, which starts next week, 64.6 percent of the auction has returned positive, up 80 basis points from the preliminary clearance rate of 63.8 percent recorded last week.
With last week’s final clearance rate of 60.1 percent, it’s the seventh straight above 60 percent in a row, and CoreLogic expects this week to be no different.
The inner city’s south is Melbourne’s most successful sub-district. It had an initial clearance rate of 75.5 percent from a total of 181 auctions. The same cannot be said for the Mornington Peninsula, which garnered an initial clearance rate of 42.1 percent from 21 auctions.
Sydney ended the week with 639 auctions, down 3.8% from 664 last week and 34.4% from 974 auctions in the same period last year. The preliminary clearance rates in port cities were in the opposite direction. with a slight increase from 61.6% to 61.7%.
Sydney and the Inner South were the top performing subregions, with 75.9% of the 59 auctions yielding positive results. The Sutherland area was the worst performer. It had an initial clearance rate of 40% out of 30 auctions.
Across the rest of the capital, Brisbane’s 148 auctions found that the city had recently beaten Adelaide (131) as the smallest, busiest capital. However, South Australia’s capital remains the most successful. With an initial clearance rate of 75.3 percent so far, with the Queensland capital’s 48.6 percent auction yielding a positive result.
Canberra hosted 83 auctions this week, with 57.6% recording success. Perth held 12 auctions, with one in eight of the results collected yielding positive results.
There was only one auction in Tasmania.