3,076 auctions were held across the capital cities of Australia last week, the highest volume this year since the week prior to Easter (3,519) and only the second time this year where the weekly number of auctions has been above the 3,000 mark.
The preliminary auction clearance rate slipped a little relative to the week prior, coming in at 66.8%. This was down from 67.4% which revised to 58.2% on the final results; the lowest finalised clearance rate in the year to-date.
1,603 auctions were held in Melbourne, comprising 52% of capital city auctions last week and the highest volume this year since the week prior to Easter (1,760). Melbourne’s preliminary clearance rate came in at 68.5%, down from 69.2% over the previous week (revised to 57.8% on final numbers).
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Sydney hosted 987 auctions last week, the fifth largest weekly volume through the year to date. 64.5% of auctions have been successful so far in Sydney, well down from the 70.5% preliminary clearance rate recorded a week ago (revised down to 60.6%) to be the second lowest preliminary clearance rate so far this year after the week ending October 6th (62.7%).
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 hosted the largest volume of auctions, with 198 homes going under the hammer, returning a preliminary clearance rate of 58.3%. 191 auctions were held in Adelaide with 73.8% successful so far and 82 auctions were held in the ACT with an early clearance rate of 66.7%. 14 auctions were held in Perth with 70% reported as selling and only one auction was held in Tasmania.
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.
Auction activity is set to reduce this week with around 2,000 auctions currently scheduled, rising to around 2,800 the week after.
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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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