Clearance rates up despite fewer auctions
Auction numbers across Australia’s combined capital cities have risen slightly this week, but activity remains below last year’s levels.
According to Cotality research analyst Caitlin Fono (pictured), 1,553 homes are set to go under the hammer, representing an 8.4% increase from last week’s 1,432 auctions, yet a 12.6% decline compared to the same period in 2023, when 1,777 homes were listed.
Melbourne is expected to see the highest number of auctions, with 628 properties scheduled. This figure is down from 767 at the same time last year. Sydney follows with 609 auctions, up from 556 last week and slightly above the 605 recorded a year ago.
Among the smaller capitals, Brisbane will host 154 auctions, a significant 51% rise from last week’s 102. Adelaide’s scheduled auctions have climbed 30.7% to 98, while Canberra is set for a decrease, with 54 auctions compared to 60 last week. Perth’s auction activity has dropped to six, from nine previously, and Tasmania is expected to see four auctions, double last week’s total.
“Auction activity is expected to increase next week, with around 1,700 homes currently scheduled to go under the hammer across the combined capitals,” Fono said.
Last week, 1,432 homes were auctioned in the combined capitals, down from 1,794 the previous week and from 1,512 a year earlier. The combined capital city clearance rate reached 68.0%, the highest since March 2024, and up from 63.2% at the same time last year.
Melbourne saw 628 auctions last week, a decrease from the previous week’s 767 and matching the figure from a year ago. The city’s clearance rate was 65.3%, down from 68.7% the week before, but higher than last year’s 62.4%. Fono observed that “this is the eleventh week straight that Melbourne’s final clearance rate has held above the 65.0% mark.”
In Sydney, 556 homes went to auction last week, compared to 685 the previous week and 560 a year ago. The city’s clearance rate reached 72.3%, its highest since early March 2024. “Last week’s result was 4.6 percentage points higher than the previous week (67.7%), and 10.9 percentage points higher than this time last year (61.4%),” Fono said.
Brisbane led the smaller capitals with 102 auctions last week, followed by Adelaide with 75 and Canberra with 60. Adelaide posted the strongest clearance rate among these cities at 68.0%, up from 63.7%. Canberra’s clearance rate fell to 65.0% from 69.6%, while Brisbane’s dropped to 62.7% from 69.6%. In Perth, seven of nine auctions resulted in a sale, while Tasmania saw one of two homes sold.
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