Auction activity decreased -3.0% this week, with 1,673 auctions held across the combined capitals. The previous week saw 1,724 homes auctioned, while this time last year, 2,879 capital city auctions were held. The combined capitals recorded a second week where the preliminary clearance rate held well above 70%, with 74.4% of the 1,349 results collected so far reporting a successful result. Last week’s preliminary clearance rate was 70 basis points higher at 75.1% (revised to 69.9% at final figures), while this time last year, 60.1% of auctions held were successful.

Melbourne hosted 728 auctions this week, nine more than the 719 held last week. With 618 auction results collected so far, Melbourne’s preliminary clearance rate held above 70% for the fifth consecutive week, at 75.7%. Last week’s preliminary clearance rate was 30 basis points higher (76.0%, revised to 69.9% at final figures); the second highest preliminary clearance rate of the year behind the week prior (77.7%). This time last year, Melbourne hosted 1,291 auctions and reported a clearance rate of 60.5%.

There were 649 auctions held across Sydney, 1.6% higher than the 639 held last week, but -31.4% below the 946 auctioned this week last year. Of the 516 results collected so far, 76.2% were successful - Sydney’s third highest preliminary clearance rate this year and the ninth consecutive week where the preliminary clearance rate has held above 70%. The previous week’s preliminary clearance rate was 2.3 percentage points higher at 78.5%, revised to 73.0% at final figures. This time last year just 53.8% of auctions reported a successful result, which at the time was Sydney’s lowest clearance rate since week ending 26 April, 2020 (50.9%).

Across the smaller capital cities, Brisbane was the busiest auction market (117), followed by Canberra (83) andAdelaide (77). Adelaide has recorded the strongest preliminary clearance rate across the smaller capitals, with 80.8% of auctions reporting a successful result, followed by Canberra (77.2%) and Brisbane (56.5%). In Perth, four of the 12 results collected so far were successful, while one of the two auctions held in Tasmania this week was successful.

By Duane Kaak, Research Analyst, CoreLogic