Just under 2,500 capital city homes scheduled for auction - CoreLogic

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Dec 5, 2024

Just under 2,500 capital city homes scheduled for auction - CoreLogic

By Caitlin Fono, Research Analyst, CoreLogic Australia.

CoreLogic

Just under 2,500 capital city homes scheduled for auction - CoreLogic

There are currently 2,492 capital city homes scheduled for auction this week, down from 2,881 last week and 3,042 this time last year.

Melbourne is set to host 1,088 auctions, after 1,390 homes were taken to auction last week. Over the same week last year, 1,415 auctions were held across the city.

Sydney is expecting to see fewer auctions this week, with 972 homes currently scheduled to go under the hammer. The previous week saw 1,031 homes auctioned, while this time last year, 1,072 auctions were held.

Across the smaller capitals, Brisbane (193) and Adelaide (150) are expecting to be the busiest auction markets this week, followed by Canberra (72), Perth (14) and Tasmania (3).

Auction activity is beginning to cool as we approach the end of the year, with just under 2,150 capital city homes set for auction across the combined capital cities next week.

Summary of last week’s results

There were 2,881 homes taken to auction across the combined capitals last week, compared to 2,640 the previous week and 2,963 the same week last year.

Holding below the 60% mark for the seventh consecutive week, the combined capital city clearance rate came in at 59.1% last week. This was an improvement on the previous week when 57.3% of auctions were successful but down from a year ago, when 60.7% of capital city auctions were successful.

There were 1,390 auctions held in Melbourne last week, up from 1,161 the previous week and 1,375 this time last year. Last week saw Melbourne’s clearance rate rise above the 60% mark for the first time in five weeks, with 61.7% of auctions reported as successful. The previous week’s clearance rate dropped to the second lowest level so far this year (56.4%), behind only the week ending 9th June (55.6%), while this time last year, 58.4% of auctions were successful.

There were 1,031 homes taken to auction across Sydney last week, up from 994 the previous week but down from the 1,081 seen this time last year. Sydney’s final clearance rate held below 60% for the sixth consecutive week, coming in at 58.2% last week, down from 59.0% the week prior. One year ago, 62.5% of Sydney auctions were successful.

Brisbane (175) was the busiest auction market across the smaller capitals last week, followed by Adelaide (169), Canberra (99) and Perth (16). Adelaide recorded the highest clearance rate at 60.4%, followed by Perth (56.3%), Brisbane (48.6%) and Canberra (48.5%). There was just one auction in Tasmania last week which was successful.