Auction activity fell -2.0% across the combined capitals this week, with 1,883 capital city homes taken to auction.
The previous week saw 1,921 homes go under the hammer, while this time last year, auction activity was significantly stronger, with 3,292 homes auctioned across the capitals. With 63.7% of the 1,468 results collected so far returning a successful result, the combined capitals recorded the strongest preliminary clearance rate since late May (63.7%). This week's preliminary clearance rate is 3.8 percentage points above last week's preliminary rate of 59.8% (revised to 58.8% at final figures), but approximately ten percentage points below the rate recorded this time last year when 73.0% of auctions were successful.
Capital City Auction Statistics (Preliminary)
Sydney hosted 701 auctions this week, down -6.7% from last week, when 751 homes were auctioned. With 580 results collected so far, Sydney recorded its highest preliminary clearance rate since mid-April (70.6%), with 69.7% of auctions returning a successful result. This week's result is 7.3 percentage points above last week's preliminary clearance rate of 62.3%, which was revised to 61.0% at final numbers. The rise in Sydney's preliminary clearance rate saw the withdrawal rate (15.5%) fall to the lowest rate since mid-April (15.5%) and saw the portion of properties passed in at auction (14.8%) fall to its lowest rate since mid-February (14.2%). This time last year, 74.1% of the 1,239 auctions held across Sydney reported a successful result.
Weekly clearance rate, combined capital cities
Melbourne hosted the busiest auction week, with 764 homes taken to auction across the city this week. The start of the Melbourne Cup carnival saw just 602 homes auctioned last week, while 1,398 homes went under the hammer this time last year. With 627 auction results collected so far, Melbourne's preliminary clearance rate rose 1.2 percentage points to 61.9%. The previous week recorded a preliminary clearance rate of 60.7%, later revised to 60.9% at final numbers, while 67.7% of auctions held this time last year were successful.
Capital City Auction Statistics (Preliminary)
Across the smaller capitals, Brisbane (-40.7%), Canberra (-29.6%), and Perth (-41.4%) saw weekly auction numbers fall this week, while Adelaide recorded a slight rise in auction activity (+0.6%). Adelaide hosted the busiest week amongst the smaller capitals, with 156 homes auctioned, followed by Brisbane (131) and Canberra (114). Adelaide recorded the lowest preliminary clearance rate since early August (65.6%), with 66.3% of auctions reporting a successful result, while Canberra's and Brisbane's preliminary clearance rates came in at 60.9% and 43.0%, respectively. In Perth, results for ten auctions have been collected so far, half have returned a successful result. No auctions were held in Tasmania this week.
Sub-region auction statistics (preliminary)
Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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