Easter auction week breaks record

By Zarah Mae Torrazo 20 April 2022 | 1 minute read

The four-day break did not stop buyers and sellers from coming out in droves over the weekend, as auction markets across the country saw the busiest Easter week of activity on record.

 Easter auction week

CoreLogic revealed that there were 937 homes taken to auction across the combined capital cities over the week ended 17 April 2022, making it the busiest Easter in the property data provider’s books. 

The previous record holder was Easter 2021, which saw 845 properties go under the hammer nationwide. 

Out of the 670 results collected so far, data showed that 73.3 per cent ended in a sale. The preliminary clearance figure is slightly higher than the previous week when 4,035 properties were taken to auction and returned a final clearance rate of 61.7 per cent. 

Sydney was the epicentre of the busy week, with a total of 483 properties up for grabs over the typically quiet public holiday period. Preliminary results showed a 70.6 per cent clearance rate, higher than the previous week’s revised success rate of 61.7 per cent out of scheduled 1,490 auctions. 

Meanwhile, Melbourne saw 193 homes taken to auction over the period, which resulted in a preliminary clearance rate of 70.4 per cent – down from last week’s final figures of 62.7 per cent out of 1,795 homes.

Moving on to smaller capital cities, Canberra recorded the highest preliminary clearance rate of 94 per cent of the 50 results from 69 scheduled auctions. 

In terms of volume, Brisbane was the busiest auction market, with 100 homes taken to auction over the week. The Queensland capital clocked in a preliminary clearance rate of 71 per cent. 

Adelaide bidders saw 72 properties go under the hammer during the period, with the preliminary success rate reported at 78 per cent. 

Meanwhile, PerthPerth, TAS Perth, WA and Tasmania saw eight and 12 taken to auction, respectively, during the week. 

RELATED TERMS

Auction

An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.

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Easter auction week breaks record
 Easter auction week
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