Property Market Review as of 27/02/2023: Clearance rates remain strong despite continuous rate hikes

The property market defies the odds as early clearance rates across the combined capital cities remain strong despite continuous rate hikes.

February 27, 2023

Preliminary clearance rates across the combined capital cities remain strong despite continuous rate hikes and inflationary pressures.

Preliminary total auction rate


CoreLogic’s latest data reveals that the number of homes held up for auction shot up by 29.6% from the previous week’s record of 1,846 as 2,393 homes went under the hammer across the combined capitals. Nonetheless, this was -29.3% lower compared to last year’s record of 3,386.

Melbourne took the lead this week as 1,125 homes were taken to auction. While this was 38.2% higher compared to last week’s record of 814, it was a bit lower than at the same time last year (1,574).

Up by 24.1% from last week (686), Sydney held 851 auctions – making the city’s record -29.2% lower than last year when 1,202 homes went under the hammer.


Brisbane still had the busiest auction market of the smaller capitals as 145 auctions took place while Canberra came in second with 138.

Meanwhile, Adelaide had 123 homes for auction, Perth recorded 8 and Tasmania had three auctions this week.

Preliminary total clearance rate


While auction volumes jumped, clearance rates slightly tumbled by -1.1% this week. Based on the 1,929 results collected so far, the combined capital cities recorded a 69.7% preliminary clearance rate. This was also down compared to last year’s record of 70.9%.

So far, Melbourne’s early clearance rate marked 68.2% – up by 50 basis points from last week’s record when 67.7% of the auctions were successful (revised down to 65.6%). Last year, the city reported a 67.6% success rate of the 1,574 auctions held.

From the 691 results collected now, Sydney recorded a 71.8% early clearance rate, which dropped by -6.2% from last week (78%) and the same time last year (72.6%).

Adelaide had the strongest preliminary clearance rate among the smaller capital cities with a record of 88.6%. Meanwhile, Brisbane had a 64.8% early clearance rate, and Canberra sold 59.8% of the homes auctioned.

Before the Reserve Bank of Australia’s major cash rate decision next week, Caitlin Fono, CoreLogic’s SR associate, mentioned that they “are expecting to see fewer homes taken to auction next week, with just over 2,100 capital city homes currently scheduled for auction.”

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Source: CoreLogic

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