Auction volume set to decline as we approach the end of year slowdown

There were 3,488 homes taken to auction across the capital cities last week, up 17.7% on the week prior to be the busiest week of auctions since March 2024. Last week likely marks the peak of the spring and early summer auction season, with the number of auctions set to reduce this week to around 3,170 and dropping below 3,000 through the second week of December.

Last week saw the combined capitals preliminary auction clearance rate slip lower, down 1 percentage point on the previous week to 68.2%. This was the second week in a row where the preliminary clearance rate has come in under the 70% mark, continuing a trend towards softer auction outcomes that has been evident since the start of spring. Last week’s preliminary clearance rate is now below the decade average of 68.6% and well below the spring season average of 72.1%.

Melbourne hosted 1,682 auctions last week, up 24.1% on the previous week’s volume and the highest number of auctions since the last week of October, ahead of the Melbourne Cup Racing Carnival (1,836). 68.6% of Melbourne auctions have delivered a successful result so far, down 1.1 percentage points on the week prior and the lowest preliminary clearance rate since the week ending November 2nd.

1,263 homes were auctioned in Sydney last week, a 10.8% rise on the previous week’s volume and the highest number of auctions held since the week prior to Easter earlier this year. 65.2% of Sydney homes have reported a sold result, down 3.3 percentage points from the week prior and the lowest preliminary clearance rate since the week ending June 8 earlier this year.

Across the smaller capitals, Brisbane was home to the most auctions, with 214 homes going under the hammer last week. A preliminary clearance rate of 71.5% was recorded, up 3.1 percentage points on the previous week to be roughly in line with the spring average of 71.7%.

189 homes were auctioned in Adelaide last week, a 29.5% jump on the volume a week earlier. 85.2% of auctions have reported a successful result so far, by far the highest of any capital and a solid 12.6 percentage point rise on the week prior.

The ACT saw 113 homes go to auction last week, 8.9% fewer than the week prior. 65.4% of reported auctions have been successful so far, down 2.4 percentage points on the previous week.

23 homes were auctioned in Perth last week, with only 54.5% reporting a positive result, while two of the three auction results collected in Tasmania last week were successful.