The volume of auctions held last week was the highest so far this year, with 2,773 homes going under the hammer, slightly higher than the previous week (2,751) and 4.1% above levels over the same week last year.
The preliminary clearance rate nudged lower last week, coming in at 69.9% across the combined capitals, after holding above 70% over the past two weeks.
The major auction markets of Sydney and Melbourne maintained a 70%+ preliminary clearance rate, although the success rate was down slightly on the prior couple of weeks.
Sydney recorded an early clearance rate of 71.4% across 981 auctions. The preliminary rate was down from 74.4% a week earlier (revised back to 65.3%).
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
70.3% of Melbourne auctions have reported a positive result based on the collection so far, down from 72.1% the previous week (revised down to 64.5%). 1,376 auctions were held across Melbourne which was down slightly from the 1,437 auctions a week prior.
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.
The smaller auction markets returned a mixed result, with Brisbane taking out the lowest preliminary clearance rate at 55.0% across 185 auctions. 140 homes were taken to market in Adelaide with a strong 77.9% preliminary clearance rate reported. 77 auctions were held across the ACT, with 71.1% returning a positive result so far.
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.
Auction numbers are set to dip to around 1,580 this week, largely due to a long weekend in Victoria (labour day).
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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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