Auction numbers dipped last week as Australians went to the polls for the federal election over the weekend, with the national clearance rate slipping yet again.
There were 1,676 auctions held across the country’s capital cities last week, down 41.8% from the week prior, according to CoreLogic.
That said, auction activity was significantly higher compared to the 2019 federal election, when 930 auctions were held during the week ending 19 May 2019.
The preliminary clearance rate slipped to its lowest level so far this year, with 62.9% of the 1,343 results collected so far returning a positive result last week.
For the same period last year, 75.6% of the 2,838 auctions held were successful.
Melbourne had the most auctions last week, with 709 homes going under the hammer.
The city recorded an early clearance rate of 61.9% out of the 590 results collected so far, overtaking the week prior as Melbourne’s lowest preliminary clearance rate of the year to date.
In Sydney, there were 535 auctions held last week – its quietest week since the Easter long weekend.
Sydney’s preliminary clearance rate was 61.7%, up slightly on the previous week.
The city’s withdrawal rate was 21.4%, continuing to hover around the 20% mark for the fifth week in a row despite the small lift in clearance rates.
There were 196 homes that went to auction in Adelaide last week, generating a clearance rate of 68%.
In Brisbane, 127 homes went under the hammer, recording a 62.9% success rate.
Canberra held 91 auctions last week, resulting in a 76% clearance rate.
There were 12 auctions in Perth, of which three were successful, while no auctions were held in Tasmania last week.
CoreLogic said more than 3,000 auctions were scheduled for next week at the moment; the highest level of activity since the week prior to Easter.