Boban John
By Caitlin Fono, Research Analyst, CoreLogic Australia
There are currently 1,802 capital city homes scheduled for auction this week, up 7.9% on last week when 1,670 auctions were held, but -13.8% lower than this time last year (2,091).
Just under 800 auctions are currently scheduled across Sydney (796), up 28.2% on last week when 621 homes were taken to auction, and 15.2% higher than one year ago (691).
Melbourne is currently expecting around 666 auctions this week, down -1.3% week-on-week (675), and -33.2% lower than this time last year (997).
Across the smaller capitals, Brisbane is expecting to be the busiest auction market with 154 homes set to go under the hammer, down -24.9% week-on-week (205). Adelaide is expected to see around 121 homes taken to auction, up 23.5% from last week (98), while Canberra is set to host 56 auctions this week, down -9.7% on last week when 62 auctions were held. There are eight auctions scheduled in Perth, up from six last week, while only one auction is scheduled in Tasmania, down from three last week.
There are currently around 2,450 homes scheduled for auction across the combined capitals next week. If all of these auctions go ahead, it will be the busiest auction week since the week ending 8th December 2024 (2,617).
Summary of last week’s results
There were 1,670 homes taken to auction across the combined capital cities last week, up 20.1% on the previous week (1,390) and 1.7% higher than this time last year (1,642).
The combined capital city clearance rate rose above the 60% mark for the first time since mid-October last year, coming in at 64.2% last week. The previous week saw 59.4% of auctions return a successful result, while this time last year, a clearance rate of 70.3% was reported.
While clearance rates have continued to improve over the past couple of weeks, it is too soon to know if this will continue. As the number of auctions moves out of the seasonal slump, clearance rates will become more meaningful, providing a less volatile outcome and better measure of the fit between buyer and seller expectations.
There were 675 auctions in Melbourne last week, compared to 483 the previous week and 664 the same time last year. Melbourne’s clearance rate improved significantly last week, coming in at 66.5%, up from 58.6% over the week prior. This week’s final result was the strongest clearance rate the city has seen since the week ending 23rd June 2024 (also 66.5%). A year ago, 66.9% of auctions were successful.
There were 621 homes taken to auction across Sydney last week, up from 453 over the previous week, but down from the 647 held over the same week last year. Like Melbourne, Sydney’s final clearance rate saw significant improvement week-on-week, coming in at 66.1% last week the strongest clearance rate Sydney has seen since the week ending 25th August 2024 (66.7%). The previous week saw a final clearance rate of 59.6%, while this time last year, 75.4% of Sydney auctions were successful.
Brisbane (205) was the busiest auction market across the smaller capitals last week, followed by Adelaide (98) and Canberra (62). Adelaide recorded the highest clearance rate at 65.3%, followed by Canberra (59.7%) and Brisbane (51.7%). Only six homes were taken to auction in Perth last week, five of which were successful, while the three auctions held in Tasmania last week were unsuccessful.
