The combined capital city preliminary auction clearance rate bounced back last week, coming in at 70.1%, following a plunge to 63.8% (revised down to 60.7%) over the week prior which was impacted by the Kings Birthday long weekend.
The volume of auctions also rose, jumping 61% over the week, with 2,216 capital city homes going under the hammer last week, up from 1,373 over the previous week.
Melbourne led the volume of auctions last week, with 1,030 homes taken to market. 72.2% have been successful so far, up from 71.5% the week prior (revised down to 65.9% once finalised), the seventh week in a row where the preliminary clearance rate has held above the 70% mark.
There were 836 auctions held in Sydney last week, with the preliminary clearance rate rising to 70.5%, the first 70%+ early clearance rate in three weeks and only the second time in thirteen weeks that Sydney has recorded a preliminary auction clearance rate at 70% or higher.
In Brisbane, 127 auctions were held last week, with 61.4% selling based on the collection to-date.
Historical clearance rates utilise the final auction clearance rate, while the current week is based on the preliminary clearance rate.
Last week in Adelaide, 133 homes went under the hammer, with 67.1% reporting a successful result – the highest preliminary clearance rate in three weeks.
Across the ACT, 79 auctions were held last week, with 60.7% reported as sold so far (the highest preliminary clearance rate in three weeks).
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. Cotality, 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.
In Perth, 11 auctions were held last week, with five of the 10 results collected so far reporting a successful result. There were no auctions held in Tasmania last week.
Cotality, 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.
The volume of auctions is set to reduce this week, with approximately 1,850 capital city auctions currently scheduled, rising to around 1,960 next 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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