The number of homes going under the hammer is continuing to ramp up, with 1,712 auctions held across the combined capitals last week. This is a solid rise from the previous week, when 1,390 homes were auctioned, and above levels a year ago when 1,642 properties were taken to market by auction. We expect the volume of auctions will continue to trend higher, rising slightly this week to around 1,750 before jumping to approximately 2,450 next week.
As the number of auctions moves out of the seasonal slump, clearance rates become more meaningful, providing a less volatile outcome and better measure of the fit between buyer and seller expectations.
Last week saw the combined capitals preliminary clearance rate rise to 67.4%, the highest early result since the week ending October 20th (also 67.4%). Finalised results typically revise lower, but the early trend is showing an improvement in selling conditions which might reflect some renewed confidence as the likelihood of interest rate cuts grows.
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Melbourne recorded the largest number of auctions, with 685 homes taken to auction last week, of which 68.4% have been reported as sold so far; the highest preliminary clearance rate so far this year.
The volume of auctions held across Sydney jumped from 453 the week prior to 642 last week, with the preliminary clearance rate coming in at 73.0%, the highest since the week ending September 8th last year (73.2%).
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.
Brisbane led the volume across the smaller auction markets, with 211 homes going under the hammer last week returning an early clearance rate of 50.7% (down from 58.7% the week prior and 55.3% in the last week of January). 102 auctions were held across Adelaide, returning a preliminary clearance rate of 63.3%, up from 61.7% the previous week which revised slightly higher to 65.3% on the final results. Canberra held 62 auctions, and so far, 64.1% have been reported as successful (down from 68.7% the week prior which revised sharply lower to 57.7% once finalised).
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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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