After recording the quietest auction week since mid-June last week (1,471), auction activity rose 9.0% this week, with 1,603 homes auctioned across the combined capitals.
With 1,176 results collected so far, the combined capitals preliminary clearance rate rose for the third consecutive week, reaching 60% for the first time since early June. With 61.5% of auctions returning a successful result, this week’s preliminary clearance rate is 2.0 percentage points higher than the week prior, when a preliminary rate of 59.5% (later revised to 56.6%) was recorded. Compared to this time last year (1,822), this week’s auction volumes are down -12.0%, and 70.0% of auctions held this week last year were successful.
Capital City Auction Statistics (Preliminary)
In Melbourne, 622 homes went under the hammer this week, in line with the volume of auctions recorded the previous week (619) but -29.6% below the level of auction activity seen this time last year (884). With 65.5% of the 478 results collected so far retuning a positive result, this week’s preliminary clearance rate is the highest Melbourne has recorded since the week ending 1st May (68.4%), before the RBA’s first cash rate hike. A preliminary clearance rate of 61.7% was recorded the week prior, later revised to 58.4% at final figures, while this time last year 59.9% of auctions recorded a successful result.
Weekly clearance rate, combined capital cities
Across Sydney, this week’s auction activity was up both week-on-week (29.2%) and year-on-year (12.5%), with 620 homes auctioned across the city. The previous week saw 480 homes go under the hammer, while 551 auctions were held across Sydney this time last year. After recording a preliminary clearance rate of 60.6% last week (revised to 56.4% at final figures), a 90-basis point fall saw Sydney’s preliminary clearance rate slip back below the 60% mark, with 59.7% of the 467 results collected so far reporting a successful result. A 25.5% withdrawal rate was a key factor in dragging the Sydney clearance rate lower. This time last year 81.3% of auctions were successful.
Capital City Auction Statistics (Preliminary)
Across the smaller capitals, auction activity fell across Brisbane (-12.1%) and Adelaide (-11.7%) but rose in Canberra (+23.2%). Brisbane (131) hosted the most auctions amongst the smaller capitals for the fifth consecutive week, followed by Adelaide (128), Canberra (85) and Perth (16). Across Adelaide, 71.6% of auction result collected so far returned a successful result, while Canberra and Brisbane recorded preliminary clearance rates of 63.9% and 40.7% respectively. Five of the 11 auction results collected across Perth were successful, while the single auction held across Tasmania was also successful.
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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