Clearance rates and auction volumes still on the rise

Combined capitals saw a total of 2,405 homes go under the hammer in the week ended 13 February 2022, which returned a preliminary clearance rate of 75.7 per cent, CoreLogic’s latest Property Market Indicator has revealed.

These results showed a slight improvement from the previous week’s 74.2 per cent preliminary clearance rate. Still, this figure is below the 77.1 per cent recorded this time last year.

Looking at how the capitals performed over the past weekend, Canberra recorded the highest preliminary clearance rate for the third week in a row at 81.9 per cent, followed by Brisbane with 80.7 per cent, Adelaide with 80.4 per cent, and Sydney with 79.6 per cent, the highest recorded by the NSW capital since late October, Perth with 73.3 per cent, and Melbourne with 70.3 per cent.

Melbourne saw the highest auction volumes over the week with more than 1,000 homes up for grabs, its first time breaching the four-digit mark this year. This was followed by Sydney, which hosted 892 auctions.

Following a strong start to the year, auction activity in the smaller capitals has taken a pause, with volumes down 19.6 per cent from the previous week. Still, it’s more than double what it was this time last year.

Brisbane hosted the most number of auctions among the smaller capitals at 179, followed by Adelaide with 160, Canberra with 117, Perth with 20, and Tasmania with four, according to CoreLogic.

[Related: Housing supply needs to be more flexible: RBA]