The Australian property market is bracing for a substantial resurgence in auction activity this week, effectively shaking off the temporary slumber induced by recent public holidays. Following a notably quiet period, the volume of residential properties heading to auction is forecasted to bounce back sharply, with approximately 2,900 homes currently scheduled to go under the hammer across the nation.
The anticipated surge comes on the heels of a distinct lull in the market. Last week, auction volumes experienced a dramatic 44% decline, with just 1,874 homes taken to market. According to Gerard Burg, Head of Research Australia at Cotality, this slump was largely an artificial dip caused by long weekend observances in Victoria, South Australia, and the Australian Capital Territory. However, the data reveals that auction numbers were also marginally down across most other capital cities.
Despite the temporarily reduced stock, buyer appetite remained undeniably ferocious. In a clear indicator of underlying market strength, the preliminary auction clearance rate across the combined capital cities actually rose to a robust 72.1%. This marks a significant jump from the 68.8% recorded during the prior week, crowning it as the second-highest early clearance rate witnessed so far this year.
A closer examination of the capital cities reveals a multi-speed, yet universally competitive, market landscape. Sydney retained its crown for the highest volume of auctions, hosting 969 properties despite a 16.2% dip from the previous week. The harbour city also recorded a sharp spike in buyer success, with preliminary clearance rates jumping from 65.5% to an impressive 74.3%—its second-best result of the year-to-date. High-end sales continue to anchor Sydney’s prestige market, highlighted by a recent standout $14.5 million transaction for a four-bedroom home in Queens Park.
Meanwhile, Melbourne bore the brunt of the holiday slowdown. The Victorian capital saw a staggering 66% fall in week-on-week activity, bringing only 585 homes to auction. Consequently, Melbourne’s preliminary clearance rate softened slightly to 67.9%, tying with mid-February for its lowest early clearance rate of the year.
Across the smaller capitals, Adelaide emerged as the undisputed champion of successful sales. While only 108 auctions took place, the South Australian capital achieved a phenomenal 81.0% preliminary clearance rate, easily outperforming every other major city. Brisbane also held strong, with 123 auctions returning a solid 72.1% success rate. Conversely, Perth saw a slight uptick in volume with 144 properties listed, though it trailed the national pack with a more modest 55.6% clearance rate.
As the long weekend dust settles, all eyes are now on the impending wave of 2,900 auctions. If last week’s elevated clearance rates are any indication of pent-up demand, vendors entering the market this week are likely to be met with a deep, competitive, and eager pool of buyers ready to transact.