The national preliminary clearance rate reached 59.8% last week, up slightly on the previous week amid lower auction numbers across the country, according to CoreLogic.
Last week’s initial clearance rate was up 2.1% compared to the previous week’s preliminary rate of 57.8% and down on the same time last year when 75.4% of auctions were successful.
There were 2,358 auctions held across the combined capital cities last week, down 6.7% week-on-week due largely to a fall in auction volumes across Melbourne.
Melbourne was still the busiest city with 984 auctions last week, despite auction activity falling 22.3% week-on-week
The Victorian capital’s preliminary clearance rate rose above 60% for the first time in four weeks with 61% of the 817 results collected so far returning a positive result.
In Sydney, there were 898 auctions held last week, generating a preliminary rate of 55.9% from 708 results.
The early clearance rate was up slightly from last week’s rate of 55.4%.
However, Sydney recorded a 28% withdrawal rate – its highest withdrawal rate since April 2020 when 28.6% of auctions scheduled auctions were withdrawn.
Adelaide was the busiest of the smaller capital cities, hosting 173 auctions last week.
The South Australian city also recorded the highest preliminary clearance rate at 68.8%.
There were 161 auctions in Brisbane and 121 auctions in Canberra, while there were only 16 auctions in Perth and two in Tasmania.
Preliminary clearance rates reached 65.4% in Brisbane and 62% in Canberra. Half of Perth’s auctions were successful, however neither of Tasmania’s auctions were successful.