Combined capital city auction activity expected to taper after second-strongest week since Easter
Auction volumes across Australia’s capital cities are set to decline this week after a busy run of late‑spring activity, with scheduled auctions still sitting well above year‑ago levels.
According to figures from Cotality, 3,158 homes are due to go under the hammer across the combined capitals this week, a fall of 7.8% from last week’s 3,427 auctions. However, this week’s volumes remain 20.7% higher than the same week in 2023, when 2,617 properties were offered.
“As we approach the end of the year, we expect to see auction numbers decline, with approximately 2,800 homes scheduled for auction across the combined capitals next week,” said Caitlin Fono, research analyst at Cotality.
In Sydney, 1,144 properties are scheduled for auction this week. That represents an 8.4% drop from last week, when the city recorded its second‑busiest auction week of 2024 with 1,249 homes taken to market. At the same point last year, 927 Sydney properties went to auction.
Melbourne is set to host 1,515 auctions this week, down 7.8% from 1,643 last week. As in Sydney, last week also marked Melbourne’s second‑busiest auction week of the year. In the comparable week of 2023, 1,236 homes were offered at auction in the Victorian capital.
Among the smaller capitals, activity is also generally trending lower, with one notable exception. Brisbane is expected to be the most active of the smaller markets this week, with 195 homes scheduled, down from 209 a week earlier. Adelaide has 163 auctions booked, compared with 187 last week, while Canberra’s tally has eased slightly to 111 from 112.
Perth is the only smaller capital where volumes are rising, with 28 auctions scheduled this week, up from 23. In Tasmania, two homes are set to go under the hammer, down from four last week.
Last week’s results
Last week delivered the busiest auction week since the lead‑up to Easter 2024, Cotality figures showed.
“There were 3,427 homes taken to auction across the combined capitals last week, marking the busiest auction week since the lead up to Easter 2024 (3,519),” Fono (pictured right) said. “The previous week saw 2,964 homes taken to auction, while this time last year, 2,881 auctions were held.”
The combined capital city clearance rate, however, fell to 60.9% last week, down from 62.9% a week earlier and the lowest result since the week ending June 8, when the clearance rate was 60.7%. At this time last year, 59.1% of reported auctions across the capitals were successful.
Melbourne hosted 1,643 auctions last week, confirming it as the city’s second‑busiest auction week of the year. That compared with 1,355 auctions in the previous week and 1,390 in the same week of 2023.
However, Melbourne’s clearance rate declined to 60.6% last week, its weakest result since late April, when it recorded 60.5%. A 63.4% clearance rate was achieved the week prior, while 61.7% of reported auctions were successful in the corresponding week last year. For brokers, this points to more negotiation post‑auction and potential opportunities for conditional buyers.
Sydney also recorded its second‑busiest week of 2024, with 1,249 homes going under the hammer. That was up from 1,140 auctions the previous week and 1,031 at the same time last year.
The city’s final clearance rate slipped below 60% for the first time in 25 weeks, coming in at 58.5%, down from 61.1% the week before. In the same week of 2023, 58.2% of reported Sydney auctions were successful. The combination of strong volumes and softer clearances indicates a more balanced market, with buyers having greater scope to negotiate on price and terms.
Among the smaller capitals, Adelaide recorded the strongest clearance rate last week at 75.9%, up from 72.4% a week earlier. Brisbane’s clearance rate came in at 62.7%, easing from 66.7% the previous week, while Canberra’s clearance rate was 62.5%, improving from 57.3%.
In Perth, 60.9% of auctions resulted in a sale last week, up from 56.3% in the prior week. In Tasmania, two of the four auctions held were successful.
On the activity side, Brisbane was the busiest of the smaller capitals, with 209 homes taken to auction, up from 183 the week before. Adelaide hosted 187 auctions, compared with 146 in the previous week, while Canberra’s auction count fell to 112 from 124. Perth saw 23 auctions last week, increasing from 16 a week earlier.
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