By Duane Kaak, Research Analyst, CoreLogic
The combined capitals hosted a quieter auction week with the number of auctions reducing to 1,790 this week, down -8.0% from the 1,945 held last week and -24.3% below the 2,364 held this week last year. The number of auctions held this week was just 29 higher than the average weekly amount since February 2023 (1,761).
Of the 1,285 results collected so far, 73.8% were successful and the preliminary auction clearance rate has held above 70% for eight weeks in a row. In fact, this week’s preliminary clearance rate is the highest in three weeks, up 1.3 percentage points on last week’s outcome (72.5%), which was revised to 69.2% in final figures. This time last year, 56.8% of auctions held were successful.
Sydney was narrowly the busiest auction market this week, with 733 homes auctioned across the city. This week’s auction numbers were -4.1% below the number held last week (764) and -17.6% less than the 890 auctioned this time last year. This week’s preliminary clearance rate of 78.7% from the 507 results collected so far was 4.2 percentage points higher than last week’s result (74.5%) which was revised to 70.8% in the final figures. This time last year, just 52.9% of homes auctioned across the city were successful.
Auction numbers across Melbourne reduced -15.5% this week, from 864 last week to 730 this week. With a preliminary clearance rate of 70.1%, Melbourne recorded its lowest preliminary clearance rate in 11 weeks, down -2.8 percentage points from the previous week’s preliminary rate of 72.9% (revised to 69.5% at final numbers). Over the same week last year, 1,000 homes were auctioned across the city, and a final clearance rate of 59.0% was reported.
Brisbane was the busiest auction week among the smaller capitals, with 135 homes auctioned this week, down four homes on last week’s 139 auctions. Adelaide had 103 auctions, down five week-on-week, and Canberra had 78, up 26 auctions above the number seen last week (52). Adelaide recorded the highest preliminary clearance rate (79.7%), from the 59 results collected to date. Canberra’s preliminary clearance rate (72.0%) rose 1.7 percentage points week on week and Brisbane saw its preliminary clearance rate rise 1.5 percentage points this week to 67.5%.
Across Perth, three of the seven results collected to date were successful, and the one auction scheduled in Tasmania this week was withdrawn.
Capital city auction activity is set to reduce further next week by around -10.5% with roughly 1,600 auctions currently scheduled. This reflects the usual seasonal winter decline in auction activity, with many vendors waiting for spring to bring their homes to market.