Capital city auction activity eased -6.5% last week, with 2,286 homes taken to auction across the combined capitals. With 2,446 homes going under the hammer, the previous week saw the capitals host the second busiest auction week since before Easter, while this time last year, 1,741 auctions were held.
With 1,767 results collected so far, the combined capitals recorded the lowest preliminary clearance rate in almost six months, with 69.9% of auctions reporting a successful result. Prior to last week, the capital's preliminary clearance rate held above the 70% mark for 23 consecutive weeks. The previous week's preliminary clearance rate was 1.1 percentage points higher at 71.0% (revising to 66.1% at final numbers), while this time last year, 59.8% of auctions were successful.
Capital City Auction Statistics
Capital City Auction Statistics over time
After hosting Melbourne's busiest auction week since before Easter the week prior (1,152), Melbourne's auction activity eased -12.2% last week. With 1,012 homes auctioned across the city, last week marked the sixth time in eight weeks that Melbourne's auction numbers held above the 1,000 mark. Melbourne's preliminary clearance rate declined -4.2 percentage points last week, with 68.5% of the 818 results collected so far reporting a successful result. The previous week's preliminary clearance rate of 72.7% revised down -5.8 percentage points to 66.9% at final numbers. This time last year, 690 auctions were held across Melbourne, and a final clearance rate of 60.1% was recorded.
In Sydney, 918 homes went under the hammer last week, down from 921 the week prior but 38.3% higher than the 664 auctions held this time last year. Of the 718 results collected so far, 72.3% returned a successful result, up 2.6 percentage points from the previous week. Despite the rise in the preliminary clearance rate, Sydney's withdrawal rate rose to 15.3% last week (up from 14.0% the week prior), while the portion of properties passed in at auction (12.4%) fell to its lowest since late October 2020 (11.5%). The previous week saw Sydney record the lowest preliminary clearance in nine weeks at 69.7% (revised down to 65.9%), while this time last year, 61.2% of auctions held recorded a successful result.
Capital City Auction Statistics (Preliminary)
Brisbane and Adelaide both hosted 121 auctions last week, with weekly auction activity falling -10.4% and -3.2% respectively. Canberra's weekly auction activity held steady, with 98 homes taken under the hammer, while Perth was the only capital to record a rise in auction numbers last week (from 12 to 15). Despite falling -8.5 percentage points, Adelaide’s preliminary clearance rate was the highest among the smaller capitals at 72.3%, followed by Canberra (67.2%, up 10.7 percentage points) and Brisbane (63.3%, down -9.0 percentage points). In Perth, six of the eight results collected so far returned a successful result, while the one home scheduled for auction in Tasmania last week was sold prior to auction.
Sub-region auction statistics (preliminary)