Fewer withdrawals for Melbourne and Canberra push auction clearance rates higher

by Micah Guiao28 Sep 2021

Melbourne and Canberra’s notable drop in withdrawals pushed the rest of the capital cities’ preliminary clearance rates to the highest level since March, according to recent figures from CoreLogic.

Data from CoreLogic showed that capital cities saw 1,631 homes taken to auction this week, a little lower from last week’s 1,672 but higher than 1,082 last year. Of the 1,330 results collected so far, 82.4% were successful, compared to last week’s 74.6% and last year’s 64.2%.

Melbourne had 343 homes taken to auction this week, down 5.8% from the 364 originally scheduled. This figure is lower than last week’s 431.

Of the 254 results collected so far, only 16.1% were withdrawn, resulting in a preliminary clearance rate of 77.2% —the highest for Melbourne since late May. This is due to a much lower withdrawal rate in comparison to last week’s 35.9%.

“Vendor confidence is improving with the return of one-on-one property inspections in Melbourne, and this can be seen in the lower withdrawal rates, leading to higher clearance rates,” CoreLogic reported.

Meanwhile, Sydney saw 841 homes taken to auction, up from the previous week’s 786 and last year’s 812. Of the 747 results collected so far, 84.3% were successful, also marking the highest preliminary clearance rate for Sydney since late April.

Over the last few weeks, preliminary clearance rates have also begun to rise across smaller markets. Adelaide is still the best-performing capital city at 87.7%, while Canberra followed at 85.9% and Brisbane at 79.7%.

The table below shows the preliminary performance of each auction market.