2,525 auctions were held across the capital cities last week, the second highest volume through the spring season so far (after the week ending September 22nd with 2,781 auctions), and the 6th highest number of auctions held so far this year. Numbers are set to rise further over the coming weeks, with CoreLogic currently tracking around 2,600 properties scheduled for auction this week and more than 3,000 auctions over the following week.
The preliminary combined capitals clearance rate bounced a little higher, reaching 66.6%, up from 63.9% over the previous week, which revised down to 59.5% on final numbers (lowest finalised clearance rate since December last year).
Melbourne hosted the most auctions last week, with 1,044 homes going under the hammer, down slightly from the week prior when 1,095 homes went to auction. The preliminary clearance rate came in at 64.8%, roughly in line with the previous week (64.4% which revised down to 59.4% on final numbers).
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
1,004 auctions were held in Sydney last week, up from 524 the previous week to be the fourth highest volume of auctions so far this year. The preliminary auction clearance rate posted a solid bounce back from the previous week, rising to 69.0% from 62.7% (which revised down to 57.6% on final numbers).
Brisbane led the smaller capitals on volume, with 216 homes taken to auction, returning a preliminary clearance rate of 62.5%. 164 homes were auctioned in Adelaide with 67.5% selling so far (the second lowest preliminary clearance rate so far this year after the week ending August 4th at 66.7%). 83 auctions were held in the ACT with a preliminary clearance rate of 71.2% (highest since the week ending June 23rd). 13 auctions were held in Perth, with only 55.6% selling under the hammer and one auction was held in Tasmania which is yet to sell.
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.
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 coming weeks will test the depth of demand, as the volume of auctions ramps up. Historically, the peak in auction activity has typically occurred in late November or the first two weeks of December, although last year, the peak in auction activity was in the last week of October as activity was disrupted by the November rate hike.
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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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