1,983 capital city homes were auctioned last week, a sharp reduction from the previous week (3,135) due to reduced numbers in Melbourne amid the Spring Racing Carnival.
The combined capitals preliminary clearance rate also took a step down, falling to 63.4%, which was the lowest early clearance rate since December 2022. The previous week recorded a clearance rate of 66.8%, revising down to 59.5% on final numbers. The finalised auction clearance rate has held below 60% for three of the past four weeks and is likely to settle below 60% again once the collection of auction results is finalised on Wednesday.
Sydney hosted the most auctions last week, with 1,046 homes going under the hammer, the third busiest week of auctions over the year-to-date after the week leading into Easter and the last week of September. The preliminary clearance rate came in at 65.5%, up a percentage point from the week prior (64.5% which revised down to 55.9% on final numbers, the lowest clearance rate so far this year).
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Only 473 auctions were held in Melbourne last week as attention turned to the Spring Racing Carnival, a similar number to last year when 468 auctions were held. The preliminary clearance rate, at 62.4%, was the second lowest of the year-to-date (after the last week of September at 56.7%).
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.
Across the smaller capitals, Brisbane held the most auctions, with 182 homes going under the hammer, followed by Adelaide with 173 auctions and Canberra with 94. Only 15 auctions were held in Perth. Adelaide continued to lead the preliminary clearance rate, with 67.1% of auctions successful so far, but this was the second lowest preliminary clearance for Adelaide over the year-to-date, after the first week of August (66.7%). 52.3% of auctions have been successful so far in Brisbane (also the second lowest so far this year) and 55.2% of auctions have reported a positive result in Canberra.
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.
The number of auctions is set to bounce back over the next two weeks, with around 2,900 homes scheduled for auction this week.
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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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