The first week of spring saw auction activity across the combined capitals inch higher, with last week overtaking the week prior (2,278) as the busiest auction week since before Easter (2,687). With 2,291 homes auctioned across the capitals, last week's auction numbers were 25.7% higher than this time last year (1,823), when rising interest rates and falling values saw a more reserved start to the spring selling season.

With 1,810 results collected so far, the combined capital's preliminary clearance rate (71.2%) continued to ease for the second consecutive week, down 80 basis points compared to the previous week's preliminary rate of 72.0% (revised to 66.8% at final numbers). The decline was primarily driven by a rise in the withdrawal rate from 7.7% to 9.5%, while the portion of properties passed in at auction eased to 19.3%. Over the same week last year, 59.4% of auctions were successful. 

After hosting its busiest auction week since early April the week prior (1,072), Melbourne's auction numbers fell -7.6% last week, with 991 homes auctioned across the city. Melbourne's preliminary clearance rate eased for the second consecutive week, with 69.3% of the 800 results collected so far returning a successful result. The previous week's preliminary clearance rate was 60 basis points higher at 69.9% (revised to 64.7% at final figures), while this time last year, 777 auctions were held across the city, and a final clearance rate of 62.7% was reported.

Sydney hosted its second busiest week of the year, behind only the week ending 2nd April (1,017), with 933 homes auctioned across the city last week. The previous week saw 867 homes go under the hammer, while this time last year, 689 auctions were held. With 757 results collected so far, Sydney recorded its lowest preliminary clearance rate in four weeks, with 73.8% of auctions reporting a successful result. The previous week's preliminary clearance rate was 80 basis points higher at 74.6% (revised to 69.1% at final figures), while 55.8% of the auctions held this week last year were successful.

Across the smaller capitals, auction activity rose 8.3% last week, with declines across Adelaide (-18.3%) and Perth (-20.0%) offset by increases in Brisbane (31.4%) and Canberra (15.9%). Brisbane hosted the busiest market last week, with 159 homes auctioned across the city, followed by Adelaide (103) and Canberra (95). Adelaide recorded the highest preliminary clearance rate among the smaller capitals, with 82.8% of auctions reporting a successful result, followed by Brisbane (66.7%) and Canberra (63.6%). In Perth, two of the five results collected so far have recorded a positive result, while the one auction held inTasmania last week was successful. 

Capital city auction activity is set to rise further this week, with just shy of 2,400 homes currently scheduled for auction.

By Kaytlin Ezzy, Economist, CoreLogic