Capital city auction activity continued to rise this week, with 1,825 homes auctioned across the combined capitals.
While 23.1% higher than last week's 1,482 auctions, this week still saw 1,000 fewer capital city homes taken to auction compared to this week last year (2,898).
After recording a small dip last week, the combined capital's preliminary clearance rate rebounded to 70.8% with 1,447 results collected so far – the first time the preliminary rate has risen above 70% since mid-April 2022 (73.3%). This week's preliminary clearance rate is 5.6 percentage points higher than last week's rate (65.2%, revised to 62.8% at final figures) but 2.0 percentage points below this time last year, when 72.8% of capital city auctions were successful.
Capital City Auction Statistics (Preliminary)
Up 40.1% week on week, 790 homes went under the hammer in Melbourne this week, compared to 564 auctions last week. Of the 669 results collected so far, 67.7% were successful, 3.9 percentage points higher than the previous week's preliminary clearance rate (63.8%), which was revised down to 61.0% at final figures. This time last year, 1,323 homes were taken to auction across the city, and a final clearance rate of 73.4% was reported.
Weekly clearance rate, combined capital cities
Across Sydney, 690 auctions were held across the city, up 14.8% from the 601 held last week but -32.4% below the 1,021 held this time last year. With the 545 results collected so far, Sydney recorded its highest preliminary clearance rate since mid-February 2022 (79.6%), with 78.0% reporting a successful result. The rise in the preliminary clearance rate was accompanied by a decrease in the withdrawal rate (10.6%), while the portion of properties passed in at auction (11.4%) fell to its lowest rate since October 2021 (10.9%). The previous week's preliminary clearance rate was 10.7 percentage points lower at 67.4% (revised to 65.7% at final figures), while this time last year, 71.8% were successful.
Capital City Auction Statistics (Preliminary)
Despite recording a -2.5% percentage point drop compared to last week, Adelaide recorded the highest preliminary clearance rate among the smaller capitals, with 68.7% of auctions reporting a successful result, followed by Canberra (65.6%), up 5.6 percentage points, and Brisbane (62.5%), down 90 basis points. Brisbane was the busiest among the smaller capitals, with 124 homes auctions across the city, followed by Adelaide (107) and Canberra (98). In Perth, one of the four results collected so far was successful, while one of the two auctions held in Tasmania this week recorded a successful result.
Sub-region auction statistics (preliminary)
Overall, clearance rates are continuing to hold substantially higher compared with late 2022, when the weighted average across the combined capitals was consistently around the low-to-mid 50% range. The number of capital city auctions is set to rise further next week, with around 2,500 homes currently scheduled to go under the hammer, providing a further test of the market's depth.
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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