Clearance rate climbs for third week in a row
Auction numbers across Australia’s capital cities are set to reach their highest point in over three months, with 2,190 homes scheduled to go under the hammer this week, according to property data firm Cotality.
The figure represents a 6% increase from the previous week’s 2,066 auctions, though it remains 5.4% lower than the same period last year, when 2,315 auctions were held.
Melbourne is expected to see the most activity, with 993 properties listed for auction. This is a slight rise from 985 auctions last week, but still below the 1,052 recorded in the corresponding week last year. Sydney follows with 885 scheduled auctions, up from 729 last week and marginally higher than the 874 held during the same week in 2023.
Among the smaller capitals, Brisbane has 122 auctions scheduled, a decrease of 27.8% from last week’s 169. Adelaide is set for 117 auctions, 18.2% higher than the previous week’s 99, marking the city’s busiest auction week in nearly three months. Canberra’s auction numbers have fallen to 64 from 75 last week. In Perth, six auctions are scheduled, down from eight, while Tasmania will see three auctions, compared to just one last week.
Auction volumes are forecast to ease slightly in the coming week, with approximately 2,150 homes expected to go to auction across the combined capitals.
Last week’s results saw 2,066 auctions held across the capitals, a 7.5% increase on the previous week’s 1,921, but 2.5% lower than the 2,118 auctions held a year ago. The combined capital city clearance rate rose for the third consecutive week, reaching 70% – the highest since mid-February. This figure is 20 basis points above the previous week’s 69.8% and 5.4 percentage points higher than the 64.6% recorded in the same week last year.
Melbourne hosted 985 auctions last week, up from 932 the week before and 938 a year ago. The city’s clearance rate climbed to 70.9%, compared to 69.1% the previous week, the strongest result in five weeks. Last year, 61.7% of Melbourne auctions were successful.
In Sydney, 729 homes went to auction last week, up from 705 previously but below the 816 held in the same week last year. The clearance rate remained above 70% for the fourth week in a row, standing at 71.6%, just 10 basis points lower than the prior week. In the corresponding week last year, Sydney’s clearance rate was 66.7%.
Brisbane recorded 169 auctions last week, the highest among the smaller capitals, followed by Adelaide with 99 and Canberra with 75. Adelaide’s clearance rate improved to 69.4%, up from 67.1% the week before. Brisbane’s rate fell to 62.5% from 66.2%. Canberra’s clearance rate dropped to 59.5%, the lowest in nine weeks. Perth saw eight auctions, with seven successful, while Tasmania had one auction, which was not successful.
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