Volumes more than double in Sydney following Grand Final lull - with one sub-region nearing 90% clearance rate
Auction activity surged across Australia’s capital cities in the week ending 12 October, with volumes up 33% nationally compared to the previous week, reaching 2,613 scheduled auctions, per the latest Cotality data.
The upswing in listings comes off the back of public holidays and grand final disruption over the past fortnight.
Compared to three weeks’ prior, auction numbers were down by 6%. Nonetheless, the latest results indicate sustained activity in the housing auction market. Combined capitals' preliminary clearance rate held steady at 73%, up slightly from the previous week’s 71.9%.
Credit: Cotality
The strong result indicates continued resilience in buyer demand, even as sellers return to the market in greater numbers following recent long weekend disruptions.
In Melbourne, auction activity hit 1,254 homes taken to auction, up 7.3% from the previous week’s rebound following the AFL Grand Final lull. Clearance rates also improved, rising to 73.5% from 71.6%.
Sydney recorded a major rebound in auction volumes, with 1,003 homes going under the hammer – more than doubling the previous week’s 442 auctions. The jump comes as the city recovered from the NRL Grand Final long weekend. The clearance rate remained solid at 73.9%, edging higher from 72.4% the previous week.
In the Sydney sub-regions, Baulkham Hills and Hawkesbury posted the highest clearance rate of 88.2%, followed by Inner South West at 81.5% and the Inner West at 79%.
While volumes dipped slightly in Brisbane, down to 133 auctions from 147 the week before, the market’s clearance rate softened only modestly to 68.5%. Still, the result marks the fourth straight week the city has maintained a clearance rate in the high 60s, reflecting stable underlying demand.
Canberra and Perth also penned a dip in clearance rates.
