With 2,905 auctions held, last week was the busiest week of auctions since the final week of October in 2024 (3,135).
Buyer demand doesn’t seem to be keeping up with the rise in auction activity, with the preliminary auction clearance rate slipping to 66.1%, the lowest early outcome since the week prior to the rate cut (65.0% over the week ending February 2nd). Despite the gradual reduction, auction clearance rates continue to track above the levels recorded through late last year when preliminary clearance rates were holding in the low 60% range.
Melbourne was the busiest auction market last week, with 1,382 homes taken under the hammer (2nd highest volume of auctions so far this year). After holding above 70% over the past six weeks, Melbourne’s preliminary clearance rate dropped to 67.2%, down 3.4 percentage points from the previous week (70.6% which revised down to 64.5% on final numbers).
1,122 auctions were held in Sydney last week, the highest volume since the last week of September 2024 (1,199). The preliminary auction clearance rate fell to 65.5%, continuing an easing trend that has been evident since the recent high of 76.6% recorded over the week ending February 16th. Although the preliminary clearance rate remains above the December lows, which briefly dropped below the 60% mark, last week’s preliminary auction clearance rate was the lowest since the week ending December 15th last year (63.0%)
Brisbane was the busiest auction market across the smaller capitals, with 173 homes taken under the hammer, the city’s third busiest week of auctions so far this year. While down compared to the week prior (61.5%), at 59.5% last week’s early success rate was the second highest recorded through the year to-date.
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
139 auctions were held in Adelaide, the city’s busiest week for auctions in four weeks. The preliminary clearance rate bounced higher, to 75.6% (from 60.8% the week prior).
72 auctions were held across the ACT, down from 78 the week prior. 50.9% of auctions have returned a successful result so far, the lowest preliminary clearance rate in the year to-date.
There were 14 auctions held in Perth last week, four of which have so far reported a successful result, while two of the three homes auctioned in Tasmania last week have sold.
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 ease this week, with approximately 2,350 homes scheduled to go under the hammer, before rising next week to around 2,800.
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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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