Melbourne leads auction volume growth; other capitals maintain strong clearance rates
Auction activity across Australia’s capital cities increased by nearly 14% last week, with 1,774 homes going under the hammer, according to new figures from property data firm Cotality.
This marks a rise from 1,561 auctions the previous week and coincides with the highest preliminary clearance rate since July last year, at 74.7%.
Melbourne recorded the largest number of auctions, with 837 properties offered – a 25% increase from the previous week’s 671. The city’s preliminary clearance rate remained steady, slipping marginally from 76.7% to 76.3%.
“This was the fifth time in six weeks the preliminary clearance rate for Melbourne has held above 75% and the 13th straight week of 70%+ early clearance rates,” said Caitlin Fono (pictured), analyst at Cotality.
“Sydney’s clearance rate trend hasn’t been as strong as Melbourne’s. “Although down one percentage point from the week prior (74.8%), at 73.8%, last week was the seventh consecutive week of 70%-plus preliminary clearance rates across Sydney.”
Brisbane saw 190 auctions last week, the highest since late May, up from 154 the previous week. “The preliminary clearance rate, at 74.5%, was Brisbane’s second-highest so far this year after the last week of June at 76.1%,” Fono said.
Adelaide’s auction numbers were unchanged at 86, but its clearance rate slipped below 70% for the first time in two weeks, coming in at 69.1%.
Canberra hosted 49 auctions, the lowest since late April. However, the city posted a preliminary clearance rate of 73.7%, its highest since early March.
Auction volumes are expected to decline in the coming week, with around 1,600 homes scheduled to go to auction across the combined capitals.
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