Capital city auction activity continued to ease for the third consecutive week, with just 1,418 homes actioned across the combined capitals this week.
The quietest auction week since the June long weekend, this week's auction numbers were -8.1% below the volumes held last week (1,543) and -12.9% below the 1,628 homes auctioned this time last year.
After recording the lowest preliminary rate in nine weeks last week, the combined capital's preliminary clearance rate rebounded to 74.5% with 1,066 results collected so far. This week's preliminary clearance rate is 4.2 percentage points higher than last week's rate (70.3%, revised to 64.9% at final figures) and 19.4 percentage points above the final rate recorded this week last year, when just 55.1% of capital city auctions were successful.
Capital City Auction Statistics (Preliminary)
Melbourne saw a slight increase in auction numbers this week (564), with the city hosting 14 additional auctions compared to last week (550). Melbourne's preliminary clearance rate rose 2.6 percentage points above last week's preliminary rate (70.2%, revised to 63.3% at final numbers), with 72.8% of the 448 results collected so far returning a successful result. Melbourne's preliminary clearance rate has now held above the 70% mark for 13 consecutive weeks. This time last year, 627 homes were taken to auction across the city, and a final clearance rate of 55.7% was reported.
Capital City Auction Statistics (Preliminary)
In Sydney, 564 homes went under the hammer across the city, down from 676 last week and 605 this time last year. Sydney's preliminary clearance rate rose 4.4 percentage points, with 75.6% of the 427 results collected to date reporting a successful result. The rise in the preliminary clearance rate was accompanied by a slight increase in the withdrawal rate (13.6%), while the portion of properties passed in at auction (10.8%) fell to its lowest rate since mid-October 2021 (8.0%).
A preliminary clearance rate of 71.2% (revised to 67.2% at final figures) was recorded last week, while this time last year, 53.1% were successful.
Weekly clearance rate, combined capital cities
Across the smaller capitals, auction activity fell across Adelaide (-8.0%) and Brisbane (-19.8%) but rose in Canberra (2.9%) and Perth, from six auctions last week to 12 this week. Brisbane (105) hosted the most auctions among the smaller capitals this week, followed by Adelaide (103) and Canberra (70).
Adelaide continued to record the strongest preliminary clearance rate among the smaller capitals, with 86.2% of auctions reporting a successful result, up 4.4 percentage points week-on-week and the highest preliminary clearance rates since the last week of February earlier this year.
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.
This was followed by Canberra (76.3%), up 15.8 percentage points, and Brisbane, where 69.1% of auctions recorded a successful result. Just two of the six auction results collected so far were successful in Perth. No auctions were held in Tasmania this week.
With Victorian school holidays set to end this week, capital city auction volumes are set to see an unseasonal rise of roughly 12% next 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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