Auction activity is continuing to increase after the festive slowdown, with 1,306 homes taken to auction across the combined capital cities this week, up 83.9% from last week (710), although -26.6% lower than the same week last year (1,779).
Of the 938 results collected so far, 67.4% were successful, down just 50 basis points from the previous week’s preliminary clearance rate of 67.9%, which revised down to 61.8% at final figures. This time last year, 72.5% of reported auctions were successful.
Capital City Auction Statistics (Preliminary)
Melbourne was host to 409 auctions this week, compared to 267 last week and 582 this time last year. Of the 350 results collected so far, 67.1% have been successful, down -1.2 percentage points from the previous week’s preliminary clearance rate (68.3%), which revised down to 62.2% at final figures. Over the same week last year, 74.7% of reported auctions were successful.
Weekly clearance rate, combined capital cities
In Sydney, 420 homes were taken to auction this week, compared to 202 last week and 600 this time last year. Of the 330 results collected so far, 70.6% were successful, down just -1.0 percentage point from last week’s preliminary clearance rate (71.6%), which revised down to 62.3% at final figures. This time last year, 72.7% of reported auctions were successful.
Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (79.1%), followed by Canberra (71.6%) and Brisbane (51.9%). In terms of auction volumes, Brisbane was the busiest auction market this week with 189 homes taken to auction across the city, followed by Canberra (142), Adelaide (131) and Perth (14). There was just one auction in Tasmania this week.
Capital City Auction Statistics (Preliminary)
Considering final auction clearance rates finished last year around the low 50% range, it looks like auction markets have reset a little higher through 2023, although clearance rates remain well below long term average levels. Last week’s final clearance rate (61.8%) was the highest clearance rate recorded across the combined capital cities since May last year, with this week’s final clearance rate likely to revise down to similar levels once the remaining results are collected. At this stage we are expecting to see around 1,500 capital city homes taken to auction across the combined capital cities next week.
Sub-region auction statistics (preliminary)
Meet Caitlin Fono
Sr Associate, Research Support
Caitlin has spent more than a decade working with property data and analytics in various roles, earning a position on the CoreLogic research team in 2013. As a respected and highly experienced research analyst, Caitlin works with high frequency data sets, regularly updating our widely read auction reporting, weekly activity updates and customised data briefs.
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