Preliminary clearance rate stays above 70% for fifth consecutive week across capitals
Auction activity across Australia’s major cities slowed last week, with 1,458 homes put up for auction, marking the lowest volume since the King’s Birthday long weekend.
This figure is down from 1,794 auctions the previous week and slightly below the 1,512 recorded at the same time last year.
Despite the decrease in auction numbers, the preliminary clearance rate remained robust at 72.2%, continuing a five-week streak above the 70% threshold. The rate has eased from a recent high of 74.5% but continues to show resilience in the face of lower volumes.
Melbourne led the nation in auction activity, hosting 630 auctions, a drop from 767 the week before and nearly identical to last year’s 628. The city’s preliminary clearance rate dipped to 70.5%, its lowest in three months, but it has now stayed above 70% for 11 weeks in a row.
Sydney saw 578 homes go to auction, fewer than the 685 held the previous week but higher than the 560 auctions reported a year ago. The city’s preliminary clearance rate improved to 76.2%, the second-highest level so far this year.
“The preliminary clearance rate strengthened last week, reaching 76.2%, the second highest clearance rate so far this year, behind the week ending February 16 (76.6%),” said Caitlin Fono (pictured), analyst at Cotality.
Among the smaller capitals, Brisbane recorded 103 auctions, the lowest in three months, with a preliminary clearance rate of 61.3%, the weakest in six weeks. Adelaide held 75 auctions, achieving a clearance rate of 75.6%, up from 65.7% the week prior and above the year-to-date average.
“The preliminary clearance rate was up from 65.7% over the previous week and is holding above the year-to-date average of 67.3%,” Fono said.
Canberra’s auction numbers fell to 61, the lowest in six weeks, with a clearance rate of 68.0%, down from 73.1% previously. Perth had just nine auctions, with six of seven reported results ending in a sale. Tasmania hosted two auctions, with results yet to be confirmed.
Looking ahead, auction volumes are expected to rise slightly, with around 1,520 homes scheduled for auction this week and approximately 1,690 the following week.
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