The last week of the spring/early summer auction season saw capital city auction numbers fall -4.1%, with 2,918 homes auctioned across the combined capitals. Although down from the 3,042 auctions held the week prior, last week's auction numbers were still relatively high, with 25.8% more auctions than this time last year (2,320) — a clear demonstration that vendors have been much more active this spring.
Despite the resilience in auction activity, buyers have become warier, with the combined capital preliminary clearance rate slipping a further 10 basis points last week to 66.8%. With the previous week's early rate (66.9%) revising below the 60% mark at the final number (57.6%), it's likely last week's final results will similarly come in well below the average final clearance rate recorded throughout winter and spring (65.8%). This week last year, 51.9% of auctions held across the combined capitals were successful.
Capital City Auction Statistics (Preliminary) – headline results
Sydney saw auction numbers slip below the 1,000 mark for the first time in eight weeks, with 958 homes auctioned. Compared to the previous week (1,072), last week's levels were down -10.6% but were 21.6% higher than this time last year (788). With 666 results collected so far, Sydney's preliminary clearance rate came in at 65.5%, the lowest preliminary rate of the year. The previous week's preliminary rate of 66.3% was revised to the lowest final clearance rate of the year at 57.0%, while this time last year, 53.2% of auctions reported a successful result.
Capital City Auction Statistics over time
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Melbourne hosted 1,401 auctions last week, down from 1,415 the previous week but up from the 1,045 seen this time last year. With 66.9% of the 995 results collected so far returning a successful result, Melbourne recorded its highest preliminary clearance rate in four weeks. The previous week's preliminary rate of 66.1% was 80 basis points lower and revised to the city's lowest final rate (56.2%) since Easter (50.9%). Despite steadily rising over the last three weeks, Melbourne's preliminary rate remains well below the average level recorded through spring (68.1%) but above the final rate recorded this time last year (53.4%).
Adelaide (199) finished the year with a bang, hosting just shy of 200 homes auctioned in the city's busiest auction week of the year. The high volume of auctions was accompanied by a 1.0 percentage point rise in Adelaide's preliminary clearance rate, with 81.7% of auctions reporting a successful result. Canberra also recorded a rise in both auction numbers (6.7%) and preliminary clearance rate (+5.1 percentage points), with 65.9% of the 143 auctions held returning positive results. In contrast, Brisbane hosted 186 auctions and recorded an early success rate of 56.3%, down -13.5% and -11.4 percentage points week-on-week, respectively. In Perth, seven of the nine results collected so far were successful, while three of the four auctions held in Tasmania last week returned successful results.
Capital City Auction Statistics (Preliminary)
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 99% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.
Sub-region auction statistics (preliminary)
CoreLogic, on average, collects 99% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.
The end of the spring and early summer selling auction season has seen buyers benefit from more choice, less urgency and greater leverage at the negotiation table amid higher advertised supply levels. While auction numbers will remain subdued through December and early January, the trend through the final month of the year, characterised by increasingly diverse conditions from city to city, helps set the scene for 2024.
Auction reporting will recommence in late January/early February, depending on the volume of auctions.
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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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