There are 1,980 capital city homes currently scheduled for auction, similar to last week (1,985) although up from this time last year when 1,708 auctions were held.

In Sydney, 854 homes are scheduled to go under the hammer, just 5 more than last week when 849 auctions were held across the city. Over the same week last year, 678 Sydney homes were taken to auction.

Melbourne is set to be the busiest auction market this week with 867 homes scheduled for auction, up from 812 last week and 714 this time last year.

Across the smaller capital cities, Brisbane is set to host 104 auctions this week, down from 123 last week. There are 76 auctions scheduled in Canberra, up from 69, followed closely by Adelaide where 73 auctions are scheduled, down from 122. There are just four homes set for auction in Perth, compared to nine last week, while two auctions are scheduled in Tasmania, up from just one last week.

An early view of auction volumes show just over 1,850 homes will be taken to auction across the combined capital cities next week.

Summary of last week’s results

Last week saw 1,985 homes take to auction across the combined capital cities, up from 901 over the previous week (Easter) and 652 this week last year (also Easter).

The final combined capital city auction clearance rate rose to 67.0% last week, the highest clearance rate since w/e 10th March (68.0%). This is up from 64.8% over the previous week, the lowest clearance rate since 17th December 2023. One year ago, 61.5% of auctions were successful.

In Melbourne, 812 homes were taken to auction last week, compared to 283 over the previous week and 108 this time last year. Melbourne’s final clearance rate came in at 62.8% last week, up from 60.3% over the previous week and 50.9% this week last year.

There were 849 auctions held across Sydney last week, up from 414 over the previous week and 371 this time last year. Sydney’s final clearance rate came in at 70.4% last week, up from 68.8% over the previous week. One year ago, 64.6% of auctions were successful.

Across the smaller capital cities, Adelaide recorded the highest clearance rate last week (73.3%), followed by Brisbane (67.5%) and Canberra (60.3%). Brisbane was host to 123 auctions last week, followed closely by Adelaide (122), while 69 auctions were held in Canberra. In Perth, six of the seven reported auctions were successful, while there was only one auction in Tasmania which was unsuccessful.

By Caitlin Fono, Research Analyst, CoreLogic Australia

Related Reading:

Solid bounce back in preliminary clearance rate to 75.9% - CoreLogic | The Real Estate Conversation

Auction market off to a strong start after 2023’s ‘year of two halves’ | The Real Estate Conversation

Australian home values surge 8.1% in 2023 | The Real Estate Conversation

John McGrath – Market predictions for 2024 | The Real Estate Conversation

John McGrath – Where did prices rise the most in 2023? | The Real Estate Conversation