Only 55% of auctions were successful across Australia last week – the lowest preliminary clearance rate recorded since late April 2020, according to CoreLogic.
There were 1,864 homes taken to auction across the combined capital cities last week, down from 2,364 over the previous week and 2,168 for the same period last year.
CoreLogic Research Analyst Caitlin Fono said the previous week recorded a preliminary clearance rate of 59.8%, which was revised down to 56.8% at final figures, while 72.1% of reported auctions were successful during the same period last year.
In Melbourne, there were 628 auctions last week, down from 1,000 auctions over the previous week and 1,073 during the same time last year.
Of the 518 results collected so far, 56.8% were successful, the lowest preliminary clearance rate the city had seen since September 2021.
Sydney held 766 auctions last week, compared to 890 over the previous week and 756 during the same period last year.
The preliminary clearance rate in Sydney was 52.5% last week, taken from 629 results – the lowest preliminary clearance rate the city had seen since April 2020.
Fono said it was likely that Sydney’s final clearance would slip below 50% once the remaining results were collected.
Adelaide recorded a 71.3% preliminary clearance rate last week, taken from 192 auctions.
In Brisbane, the preliminary clearance rate was 43.8% out of 154 homes that went under the hammer.
Canberra held 101 auctions last week, generating a 51.2% clearance rate, while Perth held 21 auctions and recorded 50% preliminary clearance rate.
Brisbane’s preliminary clearance rate was the lowest it had been since it reached 36.4% in November 2020, while Canberra’s was the lowest since falling to 43.5% in April 2020.
There were just two auctions held in Tasmania last week.
Australia’s auction success rate has been trending downwards for months despite a slight rise last week, when the preliminary clearance rate was up 2.1% to 59.8%.