Auction markets are continuing to move out of the festive period slowdown, with 1,399 homes taken to market by auction last week, up from 429 the week prior, but down by 313 auctions relative to the same week last year when 1,712 homes went under the hammer.
The preliminary capital city clearance rate came in at 65.0%, which is roughly in line with the previous week (64.5%), which revised sharply lower, to 55.6%, once the full set of auction results were collected.
479 auctions were held in Melbourne, returning an early clearance rate of 65.4%, up from 64.8% the prior week which revised down to 55.7% on final numbers.
Sydney hosted 461 auctions, with a preliminary clearance rate of 67.5%, a substantial rise from the previous week where the early clearance rate was 59.5%, revising lower to 54.2% once finalised.
Across the smaller capitals, Brisbane hosted the most auctions with 161 homes going under the hammer and a preliminary clearance rate of 58.7%. 156 homes were auctioned in Adelaide, with 61.7% selling so far, and 131 homes were auctioned in Canberra with an early clearance rate of 68.7%.
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
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 volume of auctions is set to ramp up further over the coming weeks, with activity historically peaking the week prior to the Easter long weekend.
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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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