The seasonal slowdown is already over: Auctions are back for 2022
The property market has had an earlier than usual jumpstart in January 2022.
After the traditional seasonal slowdown which comes through Christmas and the New Year,, CoreLogic’s Property Market Indicator Summary for the week ending 23 January 2022 has reported that 448 homes went under the hammer last week across the combined capital cities, a significant rise from the 244 homes sold this time last year.
According to CoreLogic research analyst Kaytlin Ezzy, the auction activity resulted in a preliminary auction clearance rate of 68.6 per cent, from 310 results collected thus far.
Melbourne emerged as the busiest capital city with 144 homes going under the hammer. Sixty-four per cent of the results obtained thus far have been successful, putting it nearly on par with the
December 2021 average final clearance rate of 63.0 per cent. Last year, 127 homes were auctioned during the same week.
Sydney saw 79 homes sold this week, which was an improvement from the 37 homes taken to auction at the same time in 2021. So far, 58.3 per cent of the 60 auction outcomes have been successful, slightly lower than the December average of 60.4 per cent.
Smaller capital cities did not disappoint, recording generally higher clearance rates that further built on the trend that began late last year.
Adelaide led the pack with a 78 per cent preliminary auction clearance rate. Close behind are Canberra with 76.2 per cent, and Brisbane with 76.1 per cent.
Volumes remained low in Perth, with mixed results for vendors who saw a 50.0 per cent success rate. This week in Tasmania, there were two auctions, one of which was a success.
Ms Ezzy is optimistic that the property market of the capital cities will be able to sustain its upward trend in the coming weeks, with more than 1,150 auctions scheduled for next week, up from the 884 scheduled at the same time last year.
For the sub-regions, a total of 15 auctions took place in Sydney’s Inner South West, which resulted in a preliminary clearance rate of 61.5 per cent, while just over 50 per cent of Parramatta’s 17 auctions found success.
In Melbourne’s sub-regions, Mornington Peninsula scored the highest preliminary clearance rate of 83.3 per cent of its 28 auctions, followed by the Outer East with 62.5 per cent of its 27 auctions, West Melbourne with 54.6 per cent of its 16 auctions, and South East with 50.0 per cent of its 29 auctions.
Over at the Regional SA4 markets, Geelong saw a success rate of 72.7 per cent of the 14 auctions that took place, while the 50 auctions that took place in the Sunshine Coast found 67.7 per cent success, and the Gold Coast’s 187 auctions found 58.3 per cent success.
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