Winter school holidays have had a cooling effect on auction numbers with just 1,478 homes auctioned across the combined capitals last week, down -16.8% from the week prior (1,776).
The lower auction counts were accompanied by a -3.7 percentage point drop in the preliminary clearance rate, from 74.7% over the previous week (revised down to 66.5% on final numbers) to 71.0% last week. Despite the decline in the combined capitals success rate, results were mixed across the individual cities.
Capital City Auction Statistics (Preliminary) - headline results
Sydney's preliminary clearance rate fell -7.8 percentage points, with 68.9% of the 547 homes auctioned returning a successful result. This was a sharp turnaround from the previous week (76.7%, revised to 68.5%) when Sydney recorded its highest preliminary rate since early May. Last week was the first time Sydney’s preliminary clearance rate has fallen below the 70% mark this year.
In contrast, Melbourne recorded its second strongest early clearance rate of the year last week, with 73.0% of the 609 homes auctioned returning positive outcomes. The previous week's early success rate of 70.2% was revised to 60.9% at final numbers. This was one of the largest revisions between the preliminary and final clearance rate so far this year; the average revision through the year-to-date has been -6.5 percentage points.
Capital City Auction Statistics over time
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Across the smaller auction markets, preliminary clearance rates held relatively stable in Adelaide (84.9%) and Canberra (64.5%), up just 10 and 20 basis points, respectively. At the other end of the scale, Brisbane's early clearance rate fell from 78.9% over the previous week to 63.5% last week.
Auction activity is set to rebound this week, with just shy of 1,800 auctions currently scheduled across the combined capitals.
Capital City Auction Statistics (Preliminary)
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.
Sub-region auction statistics (preliminary)
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.
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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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