After hosting 1,917 auctions the week prior, capital city auction activity rose by almost 13% this week, with 2,159 homes auctioned across the combined capitals.
The rise in auction numbers was accompanied by a -3.6 percentage point decline in the preliminary clearance rate, with 60.1% of the 1,709 results collected so far returning a successful result. Last week's preliminary clearance rate of 63.7% (revised to 59.0% at final figures) was the combined capital's highest preliminary clearance rate since late May (63.7%) when the cash rate was just 25 basis points above the record low level of 10 basis points. When spring selling conditions were significantly stronger this time last year, 73.2% of the 3,539 auctions held across the combined capitals were successful.
Capital City Auction Statistics (Preliminary)
In Sydney, 786 homes went under the hammer this week, making it Sydney's busiest auction week since late September (807). Compared to the 704 auctions held last week, this week's auction activity is up 11.6% but is -37.6% below the number of auctions held this time last year (1,259). After recording Sydney's strongest preliminary clearance rate since mid-April, the week prior (69.7%), the preliminary clearance rate fell -8.8 percentage points this week to 60.9%. The decline in the clearance rate was partly attributable to a higher portion of withdrawn auctions, with the withdrawal rate rising above 20% for the first time since late September (20.9%) to 24.4%. Last week's preliminary clearance rate (69.7%) was revised to a final clearance rate of 63.7%, while this time last year, a final clearance rate of 71.5% was recorded.
Weekly clearance rate, combined capital cities
Auction activity across Melbourne continued to trend upwards this week, with 920 homes taken to auction. The previous week saw 797 homes go under the hammer, while this time last year auction activity was significantly stronger (+41.2% / 1,564 auctions), thanks to stronger market conditions and pent-up market demand owing to extended lockdowns. With 787 results collected so far, Melbourne's preliminary clearance rate (60.1%) remained above 60% for the sixteenth consecutive week. Last week, a preliminary clearance rate of 61.9% was recorded, later revised to 58.4% at final numbers, while 71.8% of auctions held this time last year were successful.
Capital City Auction Statistics (Preliminary)
Across the smaller capitals, Brisbane hosted the busiest auction market this week (up 31.5%), with 171 homes auctioned across the city. This was followed by Adelaide (149), which saw weekly auction activity fall by -5.1% week on week, and Canberra (112), which saw auction numbers hold steady compared to last week. Adelaide had the most successful week amongst the smaller capitals, with a preliminary clearance rate of 68.6%, up 2.3 percentage points compared to last week's preliminary rate, while preliminary rates across Canberra (59.7%) and Brisbane (41.8%) both fell by -1.2 percentage points. In Perth, three of the 12 results collected so far were successful, while just one of the three auction results collected in Tasmania has returned a successful result.
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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