Auction clearance rates held firm week-on-week, with the preliminary rate across the combined capitals coming in at 71.1% last week, in line with the previous week’s result (71.0%) which revised down to 63.2% once finalised.
The volume of auctions stepped a little higher, with 1,727 auctions held last week, 14.2% more auctions than the previous week and only marginally lower than at the same time last year (1,734). This week, with school holidays over nationally, the number of auctions is set to rise to around 2,000.
Capital City Auction Statistics (Preliminary) – headline results
Sydney saw a strong recovery from the previous week’s 68.9% preliminary clearance rate (which revised down to 61.4% on final numbers), with the early success rate back over the 70% mark to 74.6%. The higher preliminary clearance rate was achieved across a higher volume of auctions, with 596 homes going under the hammer compared with 560 the week prior.
Melbourne wasn’t quite as strong, with the preliminary clearance rate once again falling below the 70% mark to 66.9%, the lowest preliminary clearance rate since the week ending June 9th. There were 734 auctions held across Melbourne last week, up from 628 the week prior.
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.
Across the smaller auction markets, Adelaide returned the highest preliminary clearance rate at 76.6% across 137 auctions. Brisbane recorded an early success rate of 73.3% across 210 auctions and 60.0% of Canberra auctions have recorded a positive result so far (41 auctions).
Overall, auctions markets have held reasonably firm in the clearance rate through winter so far, but clearance rates have reduced relative to the first quarter of the year when the capital city final clearance rate moved through a year to date high of 70.3%. The easing in the combined capital city clearance rate comes as the trend in new listings tracks at above average levels and total advertised inventory is now higher than a year ago. Buyers have more choice, especially in Melbourne where listings are close to 14% above the previous five-year average and 17% higher than at the same time last year.
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 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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