CoreLogic is expecting to see fewer auctions as we approach the festive season. With 2,373 homes currently scheduled for auction across the combined capital cities this week, auction activity is down -12.7% from last week (2,717), and -50.4% lower than the same week last year (4,783). Brisbane, Perth and Tasmania are set to see an increase in the volume of auctions over the week, while all other capital cities will see fewer homes taken to auction this week compared to last week.
In Melbourne, 1,053 homes are currently scheduled for auction this week, down -14.1% from last week (1,226) and less than half the number of homes taken to auction this time last year (2,161).
There are 827 auctions scheduled in Sydney this week, down -14.2% from the previous week when 964 auctions were held, and -49.4% lower than this time last year when 1,634 homes were taken to auction across the city.
Looking at the smaller capital cities, Brisbane is set to host the most auctions this week (185), up 2.8% from last week (180), although -47.7% lower than this time last year (354). There are 178 auctions currently scheduled in Adelaide this week, down -6.8% week-on-week (191) and -48.3% lower than this time last year (344). Canberra is set to host 100 auctions, down -29.6% from last week (142) and -60.8% lower than the same week last year (255). Across Perth, there are currently 25 homes scheduled for auction, compared to 12 over the previous week and 32 this time last year. There are five auctions scheduled in Tasmania this week, up from two last week and three over the same week last year.
At this stage, around 380 homes are scheduled for auction across the combined capital cities next week as the seasonal slowdown kicks in. Auction volumes traditionally pick up around late-January/early-February.
Note: this is the final Auction Market Preview for 2022. Auction reporting will resume late Jan/early Feb depending on volumes.
Summary of final results – week-ending 11 December 2022
The combined capital cities hosted the busiest auction week since late-May (3,226) last week, with 2,717 homes taken to auction. While up 7.1% from the previous week (2,537), the same week last year saw a record-breaking 4,981 homes taken to auction across the combined capital cities – the busiest auction week since CoreLogic records commenced in 2008. The combined capital city clearance rate came in at 54.3% last week, down 3.5 percentage points on the previous week (57.8%), the lowest clearance rate since the week ending 31st July (54.0%). This time last year 64.0% of reported auctions were successful.
There were 1,226 homes auctioned across Melbourne last week, up 5.9% from the previous week (1,158), making it the busiest auction week since mid-June (1,266). A final clearance rate of 56.0% was recorded across the city last week, down 2.6 percentage points from the previous week (58.6%), the lowest clearance rate since the week ending 24th July (52.0%). This time last year, Melbourne had its busiest auction week on record (2,318) and recorded a clearance rate of 63.3%.
In Sydney, 964 homes were taken to auction last week, up 8.2% from the previous week (891), making it the busiest auction week since mid-May (1,109). This time last year, Sydney hosted its busiest auction week on record (1,791). Sydney’s clearance rate came in at 55.4% last week, down -3.6 percentage points from the previous week (59.0%), the lowest clearance rate the city has seen since late-August (51.7%). This time last year, 60.8% of reported auctions were successful. The number of properties withdrawn from auction increased last week, with 19.8% of auctions reported as withdrawn, up from 18.4% over the previous week, while the number of homes passed in at auction increased from 22.6% to 24.8% over the same period.
Across the smaller capitals, Adelaide was the busiest auction market last week (191), followed by Brisbane (180) and Canberra (142). Adelaide recorded the highest clearance rate amongst the smaller capitals, with 57.1% of auctions returning a successful result, although this was the lowest clearance rate the city has seen since the week ending 22nd November 2020 (48.9%). Canberra and Brisbane recorded a clearance rate of 53.6% and 36.7%, respectively. In Perth, 12 auctions were held last week with just three recording a successful result, while the one auction result reported in Tasmania was successful.