Listings decrease but clearance rates remain strong
Australia’s residential auction market is easing as school holidays and winter conditions curb buyer and seller activity across the capital cities.
According to Cotality, 1,797 homes are scheduled for auction this week, marking a 12.1% drop from the 2,044 auctions held last week. Despite the weekly decline, volumes remain 1.2% higher than the same period last year.
“Cooling temperatures and the start of the school holidays means a quieter auction market this week,” said Kaytlin Ezzy, economist at Cotality.
Sydney remains the busiest capital, with 733 homes slated for auction — down 4.9% from last week’s 771 and slightly lower than the 766 auctions held a year ago. Melbourne follows closely with 724 scheduled auctions, reflecting a sharp weekly decline of 24.7%, though activity is still 8.2% higher year-on-year.
Among the smaller markets, Brisbane is set to host 151 auctions, up 7.1% week-on-week and continuing its run as the most active smaller capital for the eighth consecutive week. Adelaide’s auction numbers have also risen, with 109 homes scheduled, a 21.1% increase from the previous week. Canberra is expecting 70 auctions, while Perth and Tasmania are set to host eight and two auctions, respectively.
Looking ahead, auction volumes are expected to fall further, according to Cotality, with around 1,450 homes currently scheduled for next week across the combined capitals.
Last week, clearance rates across the combined capitals reached their highest level since mid-March, with 67.9% of reported auctions resulting in a sale. Of the 2,044 homes taken to auction, only 20.3% were passed in, the lowest since June 2023. However, vendor withdrawals rose to 11.7%.
Melbourne led the auction activity last week with 962 properties going under the hammer, up from 927 the week before. The city recorded a clearance rate of 68.2%, its second-highest result this year, boosted by strong buyer demand.
Sydney’s auction volume remained largely stable, with 771 homes auctioned. Its clearance rate dipped slightly to 67.2% from 67.6% the week prior, making it the only capital to record a decline in clearance.
In the smaller capitals, Brisbane had 141 auctions, down 7.2% from the previous week, but its clearance rate rose by 11.8 percentage points to 67.4%. Adelaide, with 90 auctions, reported its highest clearance rate for 2024 at 74.4%, while Canberra held 67 auctions with a 64.2% success rate. Perth posted the highest clearance rate of any capital at 75%, although from just 12 auctions. Tasmania held a single auction, which resulted in a sale.
Ezzy noted that auction volumes typically fall during the winter school break. “Auction activity is expected to cool further, with around 1,450 auctions currently scheduled across the combined capitals next week,” she said.
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