Auction volumes across the combined capital cities decreased -19.3% to 1,432 this week largely due to the ‘unofficial long weekend’ but also an early indication of the seasonal trend towards an easing in auction activity after the pre-Easter highs. While the number of auctions is down from last week, the volume is -27% lower than this time last year (1,819) and -20.5% below the weekly average over the year-to-date from January 29th (1,725). Of the 1,131 results collected so far, 69.8% were successful, holding steady with last week’s preliminary clearance rate of 69.8%, which revised down to 68.1% at final figures. This time last year, 63.4% of reported auctions were successful. 

Melbourne was the busiest auction market this week (618). Last week saw 714 homes taken to auction, while this time last year, 689 auctions were held across the city. Of the 510 results collected so far, 71.6% were successful, marginally down -80 basis points from last week’s preliminary clearance rate (72.4%), which revised down to 69.0% at final figures. This time last year, a clearance rate of 63.5% was recorded across Melbourne.

There were 576 homes taken to auction in Sydney this week, compared to 678 last week and 715 this time last year. 70.8% of the 455 results collected so far were successful, down -1.2 percentage points on last week’s preliminary clearance rate of 72.0%, which revised down to 71.1% at final figures. This time last year, 59.5% of reported auctions were successful. 

Across the smaller capitals, Brisbane held the most auctions (95), followed by Adelaide (69) and Canberra (64). In terms of clearance rates, Adelaide was the most successful of the smaller capitals, returning a preliminary clearance rate of 85.7%, Canberra’s preliminary clearance rate came in at 62.2%, while 53.2% of auctions reported in Brisbane so far this week have been successful. In Perth, none of the seven scheduled auctions were successful with six of the seven being withdrawn prior to the auction date. Tasmania was due to host three auctions this week but all were withdrawn prior to auction date. 

The number of auctions are set to rise again next week with just over 1,800 homes currently set for auction across the combined capital cities. Around 770 of those auctions are scheduled in Melbourne, while volumes are set to more than double week-on-week in Brisbane and Adelaide.

By Duane Kaak, Research Analyst, CoreLogic