Australia’s auction market continued to cool, with the preliminary clearance rate slipping to 64.7% across the country’s capital cities last week.
There were 2,039 homes taken to auction last week, down from the 2,699 recorded the previous week and 3,016 that went under the hammer during the same time last year, according to CoreLogic.
From the 1,611 auction results collected so far, 64.7% were successful – overtaking the previous week as the lowest preliminary clearance rate recorded to date this year.
For context, the previous week returned a preliminary clearance rate of 67.2%, which was revised down to 62.9% at final figures.
In Sydney, 654 auctions were held last week, compared to 914 over the previous week.
The city recorded a 58.7% preliminary clearance rate from the 516 results collected so far, down from the previous week’s preliminary clearance rate of 62.3%.
It was the lowest preliminary clearance rate since April 2020 excluding the week ending 23rd January 2022 when fewer than 100 homes were taken to auction across the city.
There were 895 Melbourne homes taken to auction, down from 1,290 during the previous week and 1,411 from the same time last year.
CoreLogic reported a 64.6% preliminary clearance rate for Melbourne last week, taken from the 746 results collected so far.
Last week’s result was down from the previous week’s preliminary clearance rate of 68.4%, which revised down to 63.7% at final figures.
Adelaide recorded the highest preliminary auction clearance rate of 81.2%, followed by Canberra with 75% and Brisbane at 62.7%.
Adelaide was also the busiest auction market last week with 204 homes taken to auction across the city, followed by Brisbane with 185 auctions.
Canberra held 85 auctions, while there were 12 auctions in Perth and four auctions in Tasmania.