There are 2,840 homes set to go under the hammer across the combined capital cities this week, with just under half of these auctions taking place in Melbourne. This week’s auction volumes are up 35.8% from last week (2,091) and 16.9% higher than this time last year when 2,429 auctions were held across the combined capitals.

In Sydney, 1,039 homes are expected to go to auction this week, up 50.4% on last week (691) and 21.0% higher than the same week last year (859). This is the busiest auction week for Sydney since the week ending 10th December 2023 (1,072).

Melbourne is set to be the busiest auction market this week, with 1,405 homes currently scheduled for auction, up 40.9% week-on-week (997). This time last year, 1,161 homes were taken to auction across the city. Like Sydney, this is the busiest auction week for Melbourne since the week ending 10th December 2023 (1,415).

Across the smaller capitals, auction volumes are relatively similar week-on-week. Brisbane is once again set to host the most auctions (167), down slightly from last week (171), while there are 139 auctions scheduled in Adelaide, down from 142 last week. In Canberra, 82 auctions are set to take place this week, up from 78 last week. Six auctions are scheduled in Perth this week, compared to nine last week, while there are two homes scheduled for auction in Tasmania, down from three last week.

Summary of last week’s results

Last week saw 2,091 homes taken to auction across the combined capital cities, up from 1,642 over the previous week and 1,846 this time last year. The final clearance rate came in at 68.8% last week, down -1.5 percentage points from the previous week (70.3%). This time last year, 67.2% of auctions were successful across the combined capitals.

There were 997 homes taken to auction across Melbourne last week, up from 664 over the previous week and 814 this time last year. Despite the higher volumes week-on-week, Melbourne’s final clearance rate came in at 66.2%, just 70 basis points lower than the previous week (66.9%). This time last year, 65.6% of auctions were successful.

In Sydney, 691 auctions were held last week, up from 647 over the previous week and 686 this time last year. Sydney’s final clearance rate held above 70% for the third consecutive week, coming in at 74.2% last week, compared to 75.4% over the previous week and 71.9% this time last year.

Across the smaller capital cities, Adelaide recorded the highest clearance rate last week (74.6%), followed by Brisbane (64.1%), while Canberra recorded a final clearance rate of 55.1%. Brisbane was host to 171 auctions last week, followed by Adelaide (142) and Canberra (78). There were just nine auctions in Perth last week, with five returning a successful result, while in Tasmania, just one of the three auctions held was successful.

By Caitlin Fono, Research Analyst, CoreLogic Australia

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