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Australia\u2019s auction markets sustained the momentum they started last year, reporting the busiest first quarter on record.<\/p>\n
According to CoreLogic, 23,748 homes went under the hammer in the first three months of 2022, the highest volume for March quarter since records started in 2008.<\/p>\n
This volume was significantly higher than the 19,004 auctions during the same period in 2021 and the 18,902 auctions in 2020.<\/p>\n
The March 2022 quarter followed the strong showing during the last three months of 2021, which witnessed auction volumes reach 42,918.<\/p>\n
CoreLogic Research Director Tim Lawless said it is crucial to understand the dynamics between the number of homes being listed for auction and the actual turn-out during the auction day.<\/p>\n
\u201cThe first quarter of the year saw the trend in auction volumes and clearance rates heading in different directions,\u201d Mr Lawless said.<\/p>\n
\u201cWhile the number of auctions held reached a March quarter high, the clearance rate gradually drifted lower through the quarter.\u201d<\/p>\n
In fact, the combined capital city clearance rate of 69.9% for the first quarter of the year was down from the 71.3% success rate over the previous quarter and the 80% rate achieved during the same period last year.<\/p>\n
This, however, is a \u201cfairly normal trend\u201d as demand becomes more thinly stretched when auction volume goes up.<\/p>\n
Sydney and Melbourne had the biggest impact on this trend \u2014 both cities are reporting high auction volumes and declining auction clearance rates.<\/p>\n
For instance, Sydney hosted 8,283 auctions during the quarter, but only reported a 69.1% clearance rate. The success rate was lower than the 84.5% achieved in March 2021.<\/p>\n
Mr Lawless said smaller auction markets were generally stronger during the quarter, particularly Adelaide<\/a> where clearance rates held above 80%.<\/p>\n \u201cWith such strong selling conditions, we\u2019ve seen a progressively larger portion of homes being taken to auction in Adelaide; a city that has historically favoured sales campaigns by private treaty rather than auctions,\u201d he said.<\/p>\n Interestingly, auction markets also posted their busiest Easter week period this year after reporting a total listing of 937 across combined capital cities.<\/p>\n However, Mr Lawless predicts that the next few months might be slow for auction markets.<\/p>\n \u201cThis is a seasonal trend we see through the winter months, but as selling conditions gradually swing towards a buyer\u2019s market, we could also see clearance rates trending lower,\u201d he said.<\/p>\n –<\/p>\n Photo by @sora-shimazaki on Pexels.<\/p>\n<\/p><\/div>\n
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