The combined capitals hosted the quietest auction week since mid-June (1,033), with just 1,215 capital city homes auctioned last week.
Long weekends across five of the eight states and territories saw auction activity fall by more than half (-54.1%) compared to the week prior (2,648) when the capitals hosted the busiest week since before Easter (2,687). This week last year saw 1,618 homes auctioned, with the public holidays for the AFL grand final and King’s birthday (QLD) falling the week prior.
Capital City Auction Statistics (Preliminary) – headline results
Of the 963 results collected so far, 70.3% were successful. The previous week's preliminary clearance rate was 1.7 percentage points higher (72.0%), revising down to 66.1% at final figures, while this time last year, 59.7% of reported auctions were successful.
Capital City Auction Statistics over time
Sydney was the busiest auction market, with 730 homes auctioned last week. This is down -28.2% from the 1,017 held the week prior, when the city hosted its busiest auction week of the year to date (tied with the week ending 2nd April). Driven by a 4.7 percentage point rise in the withdrawal rate (14.6%), Sydney's preliminary clearance rate fell to its lowest point in eight weeks at 71.7%. With 594 results collected so far, last week's preliminary clearance rate was -2.7 percentage points lower than the previous week's preliminary result (74.4%), which revised to 70.0% at final numbers. This time last year, 484 homes were taken to auction across the city, and a clearance rate of 56.2% was reported.
Capital City Auction Statistics (Preliminary)
There were 203 auctions held across Melbourne last week, down from 1,092 over the previous week and 833 this time last year. Falling well below the 70% mark, Melbourne recorded the lowest preliminary clearance rate since mid-April (57.6%), with 66.0% of the 159 results collected so far returning a successful result. At 70.5%, the previous week's preliminary clearance rate was 4.5 percentage points higher, while this time last year, a final clearance rate of 62.1% was recorded.
Across the smaller capital cities, Brisbane was the busiest auction market last week (110), followed by Adelaide (83) and Canberra (74). Adelaide recorded the strongest preliminary clearance rate among the smaller capitals, with 79.3% returning a positive result, followed by Brisbane (70.7%) and Canberra (62.5%). In Perth, three of the six auctions collected so far returned a successful result, while results for the two auctions held in Tasmania last week are yet to be collected.
Sub-region auction statistics (preliminary)
Capital city auction activity is set to rebound this week, with approximately 2,600 homes currently scheduled for auction.
Download Property Market Indicator Summary
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.
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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