Market activity strengthens as clearance rates remain robust
Auction numbers across Australia’s capital cities are set to surpass 2,000 this week, reaching the highest level since late June, according to property data firm Cotality.
A total of 2,127 homes are scheduled for auction, representing a 10.7% increase from last week’s auctions and a slight rise of 0.4% compared to the same period last year.
Melbourne will see the greatest activity, with 978 homes scheduled for auction. This is up from 932 last week and higher than the 938 auctions held in the city during the same week last year. Sydney follows with 760 auctions planned, an increase from 705 last week, though still below the 816 auctions recorded in the corresponding week of the previous year.
Auction volumes are also expected to rise in most smaller capitals, with the exception of Perth. Brisbane will host 176 auctions, up from 136 last week. Adelaide’s auction count has increased to 124, compared to 85 previously. Canberra will see 77 homes go to auction, up from 51 last week. Perth’s numbers have dropped slightly to 10, from 11 last week, while Tasmania will have two auctions, up from one.
“Auction activity is expected to hold reasonably firm next week, with around 2,150 homes currently scheduled to go under the hammer across the combined capitals,” said Caitlin Fono (pictured), research analyst at Cotality.
Last week, 1,921 homes were auctioned across the combined capitals, a 21% increase on the previous week’s 1,587, but 7% lower than the same week in 2023. The combined capital city clearance rate reached 69.8%, the highest since mid-February, and up 1.1 percentage points from the previous week. This figure is also 5 percentage points higher than the same week last year.
Melbourne recorded 932 auctions last week, compared to 742 the week before and 884 in the same week last year. The city’s clearance rate rose to 69.1%, the strongest in three weeks. “This time last year, 61.0% of Melbourne auctions were successful,” Fono said.
Sydney saw 705 homes auctioned last week, up from 556 the previous week. The city’s clearance rate remained above 70% for the third consecutive week, reaching 71.7%, the highest in five weeks. The previous week recorded a clearance rate of 70.5%, while this time last year, 67.6% of Sydney auctions were successful.
Among the smaller capitals, Brisbane was the most active with 136 auctions, followed by Adelaide (85), Canberra (51), and Perth (11). Canberra’s clearance rate was 72.5%, down from 75.4% the previous week. Adelaide’s clearance rate was 67.1%, a decrease from 70.7%. Brisbane’s clearance rate improved to 66.2%, up from 58.9%. Perth’s clearance rate was 63.6%, with low auction volumes, and Tasmania’s single auction last week was successful.
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