Quiet auction week sees clearance rate increase

It was the quietest auction week since mid-June, with 1471 homes auctioned across the combined capitals this week to return a preliminary clearance rate of 59.5 per cent.

CoreLogic noted the drop in volume occurred across all capitals and marked the first time in three weeks that auction volumes had decreased.

The number of auctions held this week was down 23.1 per cent from the 1913 auctions held last week, and was 8.4 per cent below the number held this time last year when 1606 auctions took place.

With 1169 results collected so far, the combined capital preliminary clearance rate inched 70 basis points higher with 59.5 per cent of auctions reporting a successful result.

The previous week saw a preliminary clearance rate of 58.8 per cent that later revised to 54 per cent at final figures, while this time last year 74 per cent of auctions held were successful.


There were 620 auctions held across Melbourne this week, down 23.4 per cent compared to last week, when 809 auctions were held.

Up 80 basis points, Melbourne’s preliminary clearance rate rose for the third consecutive week with 61.7 per cent of the 522 results collected so far returning a successful result.

A preliminary clearance rate of 60.9 per cent was recorded last week and later revised to 56.6 per cent.

This time last year 69.1 per cent of the 662 auctions held returned a successful result.


Sydney recorded its quietest auction week since late January, with just 476 homes auctioned across the city this week.

The previous week saw 624 homes go under the hammer, while 564 auctions were held this time last year.

With 381 results collected so far, Sydney’s preliminary clearance rate rose above the 60 per cent mark for the first time since late May, with 60.6 per cent of auction returning a successful result.

While the initial success rate was up 5.1 percentage points compared to the previous weeks preliminary clearance rate of 55.6 per cent (revised to 50 per cent at final figures), this week’s result is still 16.9 percentage points below the clearance rate recorded this time last year (77.6 per cent).

Despite the rise in its preliminary clearance rate, Sydney’s withdrawal rate (23.9 per cent) remained above 20 per cent for the seventh consecutive week.

The smaller capitals

Each of the smaller capitals recorded a decrease in auction activity this week, while Adelaide (-14 percentage points), Brisbane (-30 basis points) and Canberra (-5.1 percentage points) also recorded declines in the preliminary clearance rates.

Brisbane hosted the busiest week amongst the smaller capitals, with 153 auctions held across the city, followed by Adelaide (146) and Canberra (67).

Adelaide recorded the strongest preliminary clearance rate, with 65.6 per cent of auctions reporting a successful result, followed by Canberra (49.1 per cent) and Brisbane (45.7 per cent).

Results for five of the nine auctions held in Perth have been collected so far, three of which were successful. No auctions were held in Tasmania this week.

Source: CoreLogic

Domain results

Domain has reported a preliminary clearance rate of 58.7 per cent after tracking 1242 auctions across the major capitals.

So far, results are in for 819 of those auctions, with 481 properties selling (to the value of $390.4 million), while 147 properties were withdrawn.

Last week the final clearance rate was 51.6 per cent after 1543 auctions took place.

Results were provided for 1380 of those auctions, with 712 properties selling (to the value of $534.7 million), while 202 properties were withdrawn.

This time last year, the clearance rate was 71.8 per cent after 1904 auctions took place.

Results were provided for 1311 of those auctions, with 941 properties selling (to the value of $1260 million), while 212 auctions were withdrawn.


Sydney’s clearance rate was 56.6 per cent this week after the harbour city hosted 461 auctions.

So far, results are in for 281 of those auctions, with 159 properties selling (to the value of $144.4 million), while 80 properties were withdrawn.

Last week, Sydney’s final clearance rate was 50.2 per cent after 571 auctions took place.

Results were provided for 482 of those auctions, with 242 properties selling (to the value of $219.6 million), while 115 properties were withdrawn.

This time last year, Sydney’s clearance rate was 78.1 per cent after 490 auctions took place.

Results were provided for 471 of those auctions, with 368 properties selling (to the value of $652.6 million), while 61 properties were withdrawn.


Melbourne’s preliminary clearance rate was 59.3 per cent this week after 550 auctions took place.

So far, results are in for 403 of those auctions, with 239 properties selling (to the value of $186.1 million), while 50 properties were withdrawn.

Last week, Melbourne’s final clearance rate was 53.1 per cent after 690 auctions took place.

Results were provided for 638 of those auctions, with 339 properties selling (to the value of $234.5 million), while 62 properties were withdrawn.

This time last year, Melbourne’s clearance rate was 64.2 per cent after 1154 auctions took place.

Results were provided for 615 of those auctions, with 395 properties selling (to the value of $426.9 million), while 131 properties were withdrawn.

Ray White results

With spring just around the corner and interest rate rises in the headlines, the Ray White Group said it appeared buyers were here to stay with many getting in before the competition ramps up.

This week the group posted a preliminary clearance rate of 59 per cent. Meanwhile, there were 3.8 registered bidders and 2.7 active bidders on average attending a Ray White auction on Saturday.

With only 10 per cent of the group’s scheduled auctions selling prior to the weekend, there were some great opportunities available for buyers to realise their property dreams.

The top auction sale and the auction with the highest number of registered bidders both belonged in Melbourne on Saturday.

Ray White Balwyn agent Tony Chen claimed the top spot with his auction at 38 Frederick Street which sold for $3.3 million to a young couple looking to upgrade their family home. Mr Chen said family homes in Balwyn were still attracting motivated buyers.


Ray White Victoria chief auctioneer Matthew Condon said the state had seen another strong week of auctions with just under 150 auctions scheduled.

“Preliminary data from the Ray White Group revealed a slight drop in the average number of expected bidders per auction. This is definitely a case of quality over quantity as the confirmed bidders at today’s auctions were very active,” he said.

“Today, there was plenty of conversation from buyers about the interest rate increase earlier this week. However, it is important to note that this has not deterred buyers from purchasing.

“When a buyer sees value in a property, they are happy to bid and buy their desired home with confidence.

“It is clear that we are now in a more balanced market. There is still a high level of demand for quality properties and agents within our network continue to work exceptionally hard to achieve great results for their clients.”


Ray White Queensland chief auctioneer Gavin Croft said interest is there but there is still a gap between buyers and sellers.

“It’s a recurring theme and I suggest it will go for a period of time so we are continuing to work with that,” Mr Croft said.

“Buyers are still certainly registering and looking to buy but not with the same alignment as sellers.”


Ray White New South Wales chief auctioneer Alex Pattaro said the state saw a very typical winter selling start to August.

“Low stock levels are making it more difficult for buyers to snap up A-grade stock, meaning sellers should really consider their current offers before more stock comes to market,” he said.

“Agents are reporting stronger open for inspection attendance, as well as crowds on auction day.

“Good properties remain the cherry pick for buyers. Buyers want properties that tick all the boxes and are likely to open their wallets on auction day when competition presents itself.

“The market is certainly stabilising with more buyers already factoring in further interest rate rises within their decisions around how much they are prepared to pay.”


Ray White South Australia chief auctioneer John Morris said for auctions in the first weekend of August, the narrative in Adelaide remained the same as it had for the majority of 2022.

“The recent rate rises have done very little to dampen the spirits of the buyers, all the while keeping a smile on the faces of the sellers who have chosen auction as their preferred method of sale,” he said.

“The narrative remains the same, strong bidder numbers and high clearance rates for Ray White.”

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Cassandra Charlesworth

Cassandra Charlesworth is a features writer for Elite Agent Magazine with over 15 years’ journalism experience in metropolitan and regional newsrooms. She has a specialist interest in real estate, tech disruption and a good old-fashioned “yarn”.