ANZAC Day lull brings a clearance rate boost; renewed vendor momentum ahead as volumes return to normal

The volume of auctions dropped sharply last week, with ANZAC Day commemorations and long weekends across several states weighing on market activity. Only 757 capital city homes went under the hammer last week, down from 2,551 the week prior, and 29.6% lower relative to the same week a year ago.

The preliminary auction clearance rate responded positively amid lower volumes, rising to 60.7%, from 58.9% the week prior. This was the first time in four weeks that the early clearance rate has been above the 60% mark, albeit trends differed widely across the country.

Sydney recorded the most auctions last week, with 257 homes put on the auctioneer’s block. While the preliminary clearance rate nudged higher to 59.1%, from 56.5% the week prior and a recent low of 53.4% over the Easter long weekend, this was the fifth week in a row where Sydney's preliminary clearance rate has been below the 60% mark. The number of auctions is set to rise to around 960 this week.

242 auctions were held in Melbourne over the week, down from 1,231 the week prior. The preliminary clearance rate rose to 62.5%, the highest early auction result since the last week of March.

Adelaide was the most active among the smaller auction markets, with 135 homes going under the hammer, recording a preliminary clearance rate of 69.4%.

Brisbane saw 87 auctions held, with 52.7% reporting a successful result, the lowest early clearance rate since the first week of May last year.

29 homes were auctioned in Canberra with only 50% reporting a positive result on the early collection.

Auction activity will rebound to more normal levels this week, with around 2,650 homes currently scheduled to go under the hammer, drifting back to around 2,230 the week after.