It is certainly worthwhile to explore the recent rebound in the preliminary auction clearance rate across combined capitals, a key indicator reflecting current momentum in the housing market based on the latest available data.

For the past reporting week (ending November 9, 2025), the preliminary auction clearance rate for the combined capitals rebounded to 71.8%. This result marked the highest clearance rate recorded in three weeks. Despite clearance rates generally easing through the spring period, the preliminary rate has consistently maintained a level above the 70% mark since mid-June.

The rebound coincided with a significant increase in auction activity. There were 3,136 capital city homes taken to auction last week. This represented the highest auction volume since the final week of October and the second-highest volume recorded so far this year. Looking ahead, auction numbers are anticipated to rise further, with approximately 3,270 scheduled for the coming week. If all these auctions proceed, it will represent the busiest week for auctions since March 2024.

Metropolitan Drivers of the Rebound

The primary catalyst for the increase in the combined capitals clearance rate was the strong performance of the Melbourne market. Melbourne saw a solid 6.8 percentage point rise in its early clearance rate, climbing from 66.0% the previous week to 72.8% last week. This jump in performance followed a week where the Melbourne Cup Carnival had interrupted the typical spring auction trend. Consequently, Melbourne hosted 1,432 auctions last week, a volume that was almost three times higher than the volume held the week prior.

While Melbourne drove the overall combined capitals rebound, performances were mixed across other major cities:

• Sydney’s preliminary clearance rate experienced a slight decrease, slipping to 70.0% from the prior week’s preliminary result of 70.6%. Despite this marginal dip, Sydney’s auction volume was high, with 1,198 homes taken to auction, the highest volume since the week preceding Easter (ending April 13). Sydney’s preliminary results showed 923 collected results, with 646 cleared and 277 uncleared.

• Adelaide contributed positively to the rate increase, with its preliminary clearance rate lifting to 78.2%, a 1.1 percentage point rise from the previous week. Adelaide hosted 134 auctions.

• Brisbane’s preliminary clearance rate remained high and stable, settling at 77.8%, down only 10 basis points from 77.9% the week prior. Brisbane held 215 auctions, in line with the volume from the previous week.

• The ACT (Canberra) saw its preliminary clearance rate increase by 1.8 percentage points to 63.8%. The territory hosted 139 auctions, which was its highest weekly volume since mid-December 2023.

In summary, across the combined capitals, 3,136 auctions were held, yielding 2,349 collected results. This resulted in 1,686 cleared auctions versus 663 uncleared auctions, solidifying the 71.8% clearance rate that signals a robust rebound in market activity, heavily influenced by Melbourne’s return to typical volumes following interruption.

You can think of this market dynamic like a major road system after a holiday closure: the total activity (combined capitals clearance rate) shoots up immediately because the key interchange (Melbourne, post-Carnival) opens back up, allowing a massive backlog of traffic (auctions) to flow through and elevate the overall throughput efficiency.