Capital city auction activity and preliminary clearance rates inch higher ahead of the spring selling season
After dipping -11.5% last week, auction activity across the combined capitals returned to the upwards trend seen over the preceding three weeks, with 1,911 capital city homes taken to auction this week. The previous week saw 1,746 homes go under the hammer, while this time last year (1,611), weaker selling conditions saw -15.7% fewer homes auctioned.
The combined capital's preliminary clearance rate continued to inch higher for the second consecutive week, with 71.3% of the 1,450 results collected so far returning a successful result. Last week's preliminary clearance rate was 30 basis points lower at 71.0% (revised to 64.5% at final figures), while this time last year, 56.0% of auctions were successful.
Capital City Auction Statistics (Preliminary)
In Sydney, 772 homes went under the hammer across the city this week, up 11.6% from the 692 held last week. With 75.0% of the 589 results collected so far recording a successful result, Sydney recorded its highest preliminary clearance rate in five weeks. The rise in the preliminary clearance rate was accompanied by a fall in both the withdrawal rate (11.4%) and the portion of properties passed in at auction (13.6%). Last week's preliminary clearance rate was 5.9 percentage points lower at 69.1% (revised to 63.4% at final numbers) and marked Sydney's lowest preliminary rate since mid-February (67.4%). This time last year, 615 homes were taken to auction across the city, and a final clearance rate of 54.7% was reported.
Capital City Auction Statistics (Preliminary)
CoreLogic auction results
Weekly clearance rate, combined capital cities
There were 842 homes taken to auction across Melbourne this week, up 9.1% from the 772 held last week, and 31.6% above the number seen this time last year (640). Melbourne's preliminary clearance rate dipped below the 70% mark for the third time in four weeks, with 69.5% of the 659 results collected so far returning a successful result. A preliminary clearance rate of 71.9% (revised to 65.0% at final figures) was recorded last week, while this time last year, 58.8% of auctions were successful.
The number of auctions is likely to trend higher over the coming weeks, alongside an early rise in the volume of listings, with over 2,000 capital city auctions currently scheduled for next week. The trend in clearance rates will provide a timely indicator for the balance of advertised supply and purchasing demand as we head into spring.
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.
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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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