With 2,441 homes taken to auction, the combined capital's last week hosted the second busiest auction week since late September (2,648) and the fourth busiest auction week of the year-to-date. Up 7.3% from the 2,275 held the week prior, last week's auction numbers were 12.5% above the levels recorded this time last year (2,169).
The combined capitals’ preliminary clearance rate rose 90 basis points last week, taking it back above the 70% mark, with 70.8% of the 1,904 results collected returning a successful result. The previous week saw the preliminary clearance rate fall below the 70% mark for the first time in 24 weeks, with 69.9% of auctions reporting a positive result (revised to 65.2% at final numbers), while this time last year, 60.7% of auctions were successful.
Capital City Auction Statistics (Preliminary)
Auction activity held relatively steady across Sydney last week, with 896 homes auctioned across the city, up from 892 the week prior. With 712 results collected so far, Sydney recorded its highest preliminary clearance rate of the month, with 74.2% of auctions returning a successful result. The rise was accompanied by a lift in buyer confidence, with the portion of properties passed in at auction falling -7.6 percentage points to 12.9%. Sydney's withdrawal rate also came in at 12.9%, up 20 basis points compared to the week prior. The previous week's preliminary clearance rate was 1.9 percentage points lower at 72.3% (revised to 66.8% at final numbers), while this time last year, 60.4% of the 632 auctions held across Sydney returned a successful result.
Melbourne hosted the busiest auction market last week, with 1,107 homes auctioned across the city. While last week’s auction activity was up 7.6% compared to the 1,029 auctions held the week prior, it is -4.8% below the number of auctions held this time last year (1,163). With 888 results collected so far, Melbourne’s preliminary clearance rate held relatively steady at 68.6%, up 10 basis points compared to the week prior (68.5%, revised to 64.3%). This week last year, Melbourne recorded a final clearance rate of 62.0%.
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.
Auction activity was up 23.7% across the smaller capital cities last week, with the weekly increases across Adelaide (44.2%) and Brisbane (39.2%) outweighing the -17.3% decline recorded across Canberra. Adelaide recorded both the highest number of auctions amongst the smaller capitals (173) and the highest preliminary clearance rate, with 83.8% of the 111 results collected so far returning a successful result. Brisbane (167) recorded a preliminary clearance rate of 66.1%, up 2.8 percentage points week-on-week, while across Canberra, 53.3% of the 81 auctions recorded a successful result. Of the nine results collected so far for Perth, four were successful, while a result for the one auction held in Tasmania last week is yet to be collected.
Capital city auction activity is set to skyrocket this week, with almost 2,900 homes set to go to auction on Saturday in what’s been dubbed a ‘Super Saturday’ event. With an additional 600 auctions scheduled throughout the rest of the week, this week is set to be the combined capital's busiest since before Easter last year (4,035) and will provide a timely test of market demand.
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 Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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