Auction markets ramp up in 2022

According to the latest figures by CoreLogic, the preliminary clearance rate was 68.6 per cent, which is predicted to be lower once all results were collected, with a median property price of $998,750. 

It’s expected the number of homes taken to auction will continue to rise over the coming weeks, with over 1,150 auctions to be held next week, compared to 884 over the same week last year.

Smaller capital cities saw the highest clearance rates, continuing the strong trend observed through late last year.

Adelaide recorded a 78 per cent success rate on 84 homes listed, making it the highest preliminary auction rate clearance with the lowest median property price at $712,000.

Canberra was slightly behind at 76.2 per cent clearance rates. 

Brisbane saw 76.1 per cent success on 99 homes with a median value of $1,305 million – which was marginally behind Sydney’s property value. 

In Sydney, 79 homes were taken to auction this week, up from 37 this time last year, with a median value of $1,375 million. 

Of the 60 results collected 58.3 per cent were successful, down slightly from the December average where 60.4 per cent of auctions cleared.

Melbourne saw the busiest auction market in terms of volume at 144 homes taken to auction, compared with 127 last year, with a 64 per cent success rate on the 100 results collected.

Perth saw 50 per cent of homes sold, although volumes remained low across the city with 13 auctions listed.

There were two auctions in Tasmania this week, with one reporting a successful result. 

[Related: Property profitability hit high despite lockdowns]