There were 2,820 auctions held last week, the second highest volume through the spring season to date and the fifth highest volume of auctions through 2024 so far.
The preliminary auction clearance rate came in at 65.8% across the combined capitals, 2.4 percentage points higher than the previous week but below the average through spring to date (67.1%).
Melbourne hosted the most auctions last week with 1,293 homes taken to market, which is the third highest weekly volume of auctions through the spring season so far. 66.5% of auctions have returned a successful result based on the preliminary collection, up from 62.4% over the previous week and roughly in line with the spring season average of 66.4%.
1,073 auctions were held in Sydney last week, the third highest volume through the year to date and the second highest week of auctions through spring so far. 68.2% of auctions returned a positive result on the preliminary numbers, up from 65.5% the week prior and only slightly below the spring season average of 68.4%. Sydney’s preliminary auction clearance rate has held below the 70% mark for six of the past seven weeks.
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Across the smaller capitals, Brisbane saw the most auctions held with 175 homes going under the hammer, however this was the lowest weekly volume in five weeks. 53.2% of Brisbane auctions have been reported as successful so far, up from 52.3% the previous week but below the spring-to-date average of 57.4%. Adelaide saw 160 homes go to auction, with 70.1% selling so far. 94 auctions were held across the ACT with a preliminary clearance rate of 45.2%, the lowest preliminary clearance rate since the early phase of the pandemic in April 2020. 22 auctions were held in Perth with 53.8% selling so far, and only three auctions were held in Tasmania.
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.
We are expecting to see over 2,900 auctions held this week before scaling back a little to around 2,550 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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