Clearance rates fall for 6th consecutive week

More dwellings are failing to sell at auction across Australia’s capital cities, according to new figures released by CoreLogic. 

According to the property platform’s analysis of last week’s auction results (ended 27 March), the preliminary clearance rate across all capital cities hit 69.4 per cent, marking a distinctive fall compared to the same period last year’s result of 83.1 per cent.

However, this latest result also reflected the sixth consecutive week that preliminary rates have dropped, with the figure freefalling incrementally since the 75.7 per cent rate reported during the week ended 13 February.

It also reflects a distinctive pivot away from the upwards momentum in clearance rates reported by CoreLogic earlier this year.  

While it is unclear what is specifically driving this fall in clearance rates, it comes off the back of increasing auction rates, with 3,362 auctions being reported across the country last week. 

This result marked the third week of perpetual growth in the number of auctions across Australia’s capital cities, as well as the second-highest result reported by CoreLogic for 2022.

Driving last week’s auction figures were Melbourne and Sydney, which respectively reported 1,606 and 1,100 auctions during last week – the former reporting its largest listing sum for the year to date. 

Brisbane (243) and Adelaide (230) also reported their largest result in auctions over this same period. 

Both cities also reported a higher-than-average clearance rate of 73.3 per cent and 70.9 per cent respectively.

CoreLogic has said it predicts this trend upwards in listings will continue for at least the next fortnight, with the lead-up to Easter break expected to bolster auction activity.

[Related: CoreLogic research director queries affordability report]