Property Market Indicator Summary

Auction activity decreased by 3.0% this week, with 1,673 auctions held across the combined capitals. The previous week saw 1,724 homes auctioned, while this time last year, 2,879 capital city auctions were held. The combined capitals recorded a second week where the preliminary clearance rate held above 70%, with 74.4% of the 1,349 results collected so far reporting a successful result. Last week’s preliminary clearance rate was 70 basis points higher at 75.1% (revised to 69.9% at final figures), while this time last year, 60.1% of auctions held were successful.

There were 649 auctions held across Sydney this week, 1.6% higher than the 639 held last week, but -31.4% below the 946 auctioned this week last year. Of the 516 results collected so far, 76.2% were successful - Sydney’s third highest preliminary clearance rate this year and the ninth consecutive week where the preliminary clearance rate has held above 70%. The previous week’s preliminary clearance rate was 2.3 percentage points higher at 78.5%, revised to 73.0% at final figures, while this time last year, just 53.8% of auctions reported a successful result, which at the time was Sydney’s lowest clearance rate since week ending 26 April, 2020 (50.9%).

All data to week ending 14th May 2023.

Source: CoreLogic