After hosting a quieter auction market the week prior (2,023), a Melbourne-led recovery saw the number of auctions across the combined capitals rebound 32.5% last week. With 2,681 homes auctioned, last week was the capital's third busiest of the year to date, behind only the week ending 2nd May (2,687), and the week ending 29th October (3,381).
With 2,013 results collected so far, the combined capital's auction clearance rate held relatively firm, with last week's preliminary clearance rate coming in at 69.0%. While holding below the 70% mark for a third consecutive week, last week's early results were up slightly (40 basis points) from the previous two weeks, when preliminary results of 68.5% and 68.6% were recorded. With finalised results tracking in the low 60% range, last week's preliminary clearance rate will likely revise slightly below the decade average of 65.8% but will remain above the level seen this time last year (57.6%) when 2,170 auctions were recorded.
Capital City Auction Statistics (Preliminary)
Melbourne saw auction activity rebound last week, with 1,180 auctions held across the city. The previous week saw just 468 homes auctioned, with many vendors choosing not to compete with the start of the Spring Racing Carnival. With 897 results collected so far, Melbourne saw a strong rebound in its preliminary clearance rate (67.7%) after being 'disrupted' the previous week (60.8%, revised to 57.7% at final number). This time last year, Melbourne hosted 938 auctions and recorded a final clearance rate of 60.6%.
Holding above the 1,000 mark for the third consecutive week, Sydney hosted 1,041 auctions last week, down from 1,059 the week prior. Despite remaining above the 70% mark, Sydney recorded its lowest preliminary clearance rate in five weeks, at 70.4%. With 814 results collated so far, Sydney's withdrawal rate rose to 15.1%, while the portion of properties passed in at auction dipped to 14.5%. The previous week's clearance rate was 1.5 percentage points higher at 71.9% (which revised down to 65.6% once finalised), while 58.4% of the 775 auctions held this time last year were successful.
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.
Adelaide has continued to stand out with the strongest clearance rate. The preliminary results came in close to 80% (78.8%), with the finalised results consistently holding around the mid-to-high 70% range in Adelaide. Despite recording a -11.8 % decline week-on-week, Adelaide was also the busiest among the smaller auction capitals last week, with 157 homes auctioned. Brisbane recorded the strongest preliminary clearance rate in five weeks, with 71.2% of the 155 homes auctioned reporting a successful result, while auction conditions in Canberra (129) remained sluggish at 56.8%. Across Perth, just seven of the 16 homes auctioned last week returned positive results, while the one result collected across Tasmania was unsuccessful.
The volume of auctions scheduled is set to bounce higher this week, with around 3,200 auctions currently set to go under the hammer.
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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