Clearance rates also improve nationwide
Auction activity is set to increase across Australia’s combined capital cities this week, with 1,751 homes scheduled to go under the hammer.
Cotality reported a 12.2% rise from last week’s 1,561 auctions, though it remains 11.3% lower than the same period last year, when 1,975 auctions were held.
Melbourne is expected to see the highest number of auctions, with 787 homes scheduled, up from 671 last week. At this time last year, 870 auctions took place in the city. Sydney follows with 621 auctions planned, compared to 585 last week and 721 during the same week in 2023.
Among the smaller capitals, Brisbane is set for 193 auctions, a 25.3% increase from last week’s 154. Adelaide will see 90 auctions, up 4.7% from 86 the previous week. Canberra’s auction numbers are projected to decline for a third consecutive week, with 50 homes scheduled, down from 56 last week. Perth is expected to hold 10 auctions, compared to six last week, while Tasmania has no auctions scheduled after three were held last week.
Auction volumes are forecast to decrease next week, with approximately 1,580 homes in the combined capitals expected to go to auction.
Last week, 1,561 homes were auctioned across the combined capitals, up from 1,432 the week before. In the same week last year, 1,777 auctions were held.
“The combined capital city clearance rate continues to rise, coming in at 69.4% last week – the most successful auction week since February 2024 (70.3%),” said Caitlin Fono (pictured), research analyst at Cotality. “Over the same week last year, 62% of capital city auctions were successful.”
Melbourne recorded 671 auctions last week, compared to 628 the previous week and 767 a year ago. The city’s clearance rate rose to 71.1%, an increase of 5.8 percentage points from the previous week and 13.9 points higher than the same period last year. This marks Melbourne’s strongest clearance rate in over two years.
Sydney saw 585 auctions last week, up from 556 the week before and 605 in the same week last year. The city’s clearance rate was 69.4%, following a previous week’s high of 72.3%, the strongest since early March 2024. Last year, 65.3% of Sydney auctions were successful.
Brisbane was the busiest among the smaller capitals last week with 154 auctions, followed by Adelaide with 86 and Canberra with 56. Adelaide posted the highest clearance rate at 72.1%, up from 68% the week prior. Brisbane’s clearance rate was 64.9%, an increase from 62.7% the previous week. In Canberra, 60.7% of auctions were successful, down from 65%. Perth held six auctions, with four resulting in sales, while one of three homes auctioned in Tasmania sold.
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