The auction markets in the combined capital cities continue have continued to sustain strong momentum in 2022. Combined capital cities saw 2,898 homes go under the hammer last week, higher than this time the week before and last year, according to the latest figures from CoreLogic.
There have been 2,420 results collected so far, returning a preliminary auction clearance rate of 74.6% – lower than the prior week’s 75.4%. The volume also marks a 20.7% week-on-week increase in auction activities.
“With 478 results outstanding, it’s likely this week’s results will be revised down at final figures and could mark the end of the upwards trend in clearance rates seen throughout the year to date,” CoreLogic noted.
Both auction volumes in Melbourne and Sydney went up from the previous week and previous year.
Melbourne had the busiest auction market for the second consecutive week, hosting almost half of all auctions in combined capital cities at 1,328. Of the 1,141 results collected, 74.2% were successful, with the volumes up 27.8% week-on-week. Meanwhile, Sydney exceeded the 1,000-count for the first time in 2022, having taken 1,020 homes to auctions. Of the 855 results collected so far, 75.6% were successful.
Similar to the prior week, auctions in smaller capitals saw a steady fall but still outperformed the previous year with 550 homes, compared to half of that number in 2021.
Canberra had the only preliminary clearance rate above 80%, at 80.2%. Adelaide followed at 76.5%, Brisbane at 68.6% and Perth at 66.7%. Tasmania hosted two auctions, neither of which were successful.
