The first week of summer saw strong auction activity across the capitals, with CoreLogic Australia tracking just shy of 3,000 (2,999) auctions last week. Up 1.7% from the week prior (2,949), last week was the second-busiest auction week of the year so far, behind the week ending 29th October, when a 'Super Saturday' event saw 3,381 homes auctioned.
After recording the lowest preliminary rate since mid-March (65.0%) the week prior (65.9%, revised to 60.8%), the combined capitals recorded a 1.1 percentage point rise in the early success rate last week. Of the 2,200 results collected so far, 67.0% reported a successful result. Despite the subtle uptick, this was one of the lowest early results of the year-to-date. This time last year, 57.8% of the 2,537 homes auctioned across the capitals were successful.
Capital City Auction Statistics
Sydney hosted its second-busiest auction week of the year last week, with 1,112 homes auctioned across the city, down -2.6% from the previous week (1,142) when the city hosted its busiest week. Despite the bump in the headline numbers, Sydney recorded a slight easing in the early clearance rate, from 68.7% the week prior (revised down to 63.9% once finalised) to 68.5%. With 834 results collected so far, last week's preliminary rate was the city's lowest since mid-February (67.4%). Sydney hosted 891 auctions this week last year and recorded a final clearance rate of 59.0%.
After falling -7.2% the week prior (to 1,309), auction activity across Melbourne rebounded 5.4% last week to 1,380. The third-busiest auction week of the year so far, last week's numbers were 19.2% higher than the auction volumes seen this time last year (1,158). Melbourne's early success rate inched 50 basis points higher last week, with 64.6% of the 1,055 results collated so far reporting a positive result. A preliminary clearance rate of 64.1% was recorded the previous week (revised to 57.7% at final numbers), while this time last year 58.6% 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.
Adelaide hosted the most auctions among the smaller auction capitals, with 190 homes auctioned, making last week the city's busiest of the year so far. This was followed by Brisbane, with 178 homes taken under the hammer, and Canberra, with 120 auctions. At 77.4% and 76.1%, respectively, Adelaide and Brisbane recorded some of the strongest early success rates among the capitals, with early clearance rates remaining above each city's long-run averages. In contrast, Canberra's preliminary clearance rate was more sluggish at 55.1%, despite rising 2.4 percentage points week-on-week. Across Perth, six of the 17 auctions held were successful, while neither of the two auctions held in Tasmania last week have reported successful results.
Capital city auction numbers are expected to remain relatively high over the coming weeks, with more than 3,000 auctions scheduled for this week, before easing over the festive period.
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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