Increased volumes in Sydney and Melbourne drive overall growth
Auction volumes are set to rise across Australia’s combined capital cities, with 1,571 homes scheduled to go under the hammer this week — an increase of 13% from last week’s 1,390 auctions.
However, this remains slightly below the 1,642 auctions recorded during the same period last year, according to CoreLogic data.
Sydney is expected to see the biggest week-on-week increase in auction numbers, with 633 homes scheduled — up 39.7% from 453 last week. A year ago, 647 auctions were held in the city. Melbourne is also set for a lift in activity, with 561 auctions planned, a 16.1% rise from last week's 483 but still lower than the 664 auctions recorded this time last year.
Among the smaller capitals, auction numbers are set to decline in most cities, except for Brisbane and Tasmania. Brisbane has 209 auctions scheduled, an increase from 162 last week, while Tasmania will see three auctions after no activity last week.
In contrast, Adelaide’s auction numbers have dropped from 150 to 107, while Canberra is set to host 51 auctions, down from 131. Perth is also seeing a decline, with just seven auctions scheduled compared to 11 last week.
Looking ahead, auction volumes are expected to exceed 1,750 across the combined capital cities next week.
A total of 1,390 auctions across the combined capitals took place last week, significantly up from 429 over the previous week but lower than the 1,712 recorded a year ago. The preliminary clearance rate rose to 59.4%, marking the highest since late October, when 3,135 auctions delivered a 59.5% clearance rate.
“The rise in clearance rates suggests improving buyer confidence, although auction volumes remain below last year’s levels,” said Caitlin Fono (pictured above), research analyst at CoreLogic Australia.
In Melbourne, 58.6% of auctions were successful, an improvement from 55.7% the previous week. The city hosted 483 auctions, more than double the 223 recorded in the previous period but still lower than the 625 auctions held this time last year.
Sydney’s clearance rate also increased, reaching 59.6%, up from 54.2% the previous week. Auction volumes in the city climbed to 453, a sharp rise from just 59 the previous week but lower than the 583 held in the same period last year.
Among the smaller capitals, Brisbane recorded the highest auction activity with 162 auctions, followed by Adelaide (150), Canberra (131) and Perth (11). Adelaide had the strongest clearance rate at 65.3%, ahead of Brisbane (59.0%), Canberra (57.7%) and Perth (27.3%). Tasmania recorded no auction activity last week.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
