The first week of May saw a bounce back in both the volume of auctions and the preliminary clearance rate. 1,643 homes went under the hammer across the combined capitals last week, 567 more auctions relative to the week prior.
Although the number of auctions held recorded a solid rise, the federal election has kept a lid on activity; relative to the same week last year, the number of auctions held is well down from 2,202.
The number of auctions scheduled for this week is holding reasonably firm, with approximately 1,620 homes set to go under the hammer, reducing to around 1,580 next week. Auction activity tends to be lower through the colder months before picking up into spring.
The preliminary clearance rate has responded positively, rising to 70.1% last week, up 5.9 percentage points from the week prior (64.2% which revised down to 60.8% on final numbers), the highest in four weeks.
Melbourne led both the volume of auctions, and the preliminary clearance rate last week, with 803 auctions held and an early success rate of 74.4%. The preliminary clearance rate was a substantial rise from the week prior (67.6% which revised down to 60.5%), up 6.8 percentage points to be the highest preliminary clearance rate since the first week of June in 2023.
In Sydney, 577 auctions were held, with 69.4% reporting a successful result so far. Although this was the highest preliminary result in seven weeks, it’s also the seventh week in a row where the preliminary clearance rate has been below the 70% mark.
Brisbane was the most active auction market across the smaller capitals, with 105 homes going under the hammer and only half recording a successful result so far. The 50% preliminary clearance rate is up from 47.1% the week prior but is the second lowest through the year-to-date.
91 auctions were held in Adelaide last week, returning a preliminary clearance rate of 60.0%, down from 61.1% the week prior and the lowest since November 2020.
The ACT recorded 54 homes going under the hammer, with 69.4% returning a positive result based on the results collected. This was the ACT’s highest preliminary clearance rate in eight weeks.
In Perth, seven of the 13 auctions have been reported so far, five of which were successful, while no homes were taken to auction in Tasmania last week.
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance
rate.
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.
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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