With public holidays in four of the eight states and territories this coming Monday, auction volumes dropped substantially week-on-week.
There were 1,282 homes taken to auction across the combined capital cities this week, down -37.6% from the 2,054 auctions held both last week and this time last year. Of the 1,091 results collected so far, 65.0% were successful, the lowest preliminary clearance rate so far this year. Last week’s preliminary clearance rate was 5.3 percentage points higher at 70.3%, revising down to 66.3% at final figures, while this time last year, 68.9% of reported auctions were successful. As remaining results are collected, the final clearance rate will likely revise down to the low 60% range, after holding around the high 60% mark for the past three weeks.
Capital City Auction Statistics (Preliminary)
Sydney was the busiest auction market this week with 661 homes taken to auction, down from 782 last week and 1,008 this time last year. Of the 570 results collected so far, 69.3% were successful, down -2.8 percentage points from last week’s preliminary clearance rate (72.1%), which revised down to 68.7% at final figures. This time last year, a clearance rate of 67.1% was recorded across Sydney.
Weekly clearance rate, combined capital cities
There were 357 homes taken to auction in Melbourne this week, down -61.5% from last week (927) and -41.3% lower than this time last year (608). The lower volumes are largely attributed to the Labour Day long weekend. Of the 321 results collected so far, 62.9% were successful. Last week’s preliminary clearance rate was 8.3 percentage points higher at 71.2%, revising down to 66.5% at final figures. Over the same week last year, 68.6% of reported auctions were successful.
Capital City Auction Statistics (Preliminary)
Adelaide recorded the highest preliminary clearance rate among the smaller capitals, with 69.1% of auctions reporting a successful result, followed by Canberra (54.5%) and Brisbane (48.1%). Brisbane was the busiest among the smaller capitals, with 107 homes auctioned across the city, followed by Adelaide (80) and Canberra (62). In Perth, 12 of the 14 results have been collected so far, eight of which were successful (66.7%), while the one home taken to auction in Tasmania was sold under the hammer.
Capital City Auction Statistics (Preliminary)
Auction volumes are set to rise again next week with around 2,350 homes currently scheduled for auction across the combined capital cities. If all of these auctions go ahead, it will be the second busiest auction week so far this year, with the busiest being the week ending 26th February (2,429).
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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