Auction volumes bounce back as clearance rates steady

Auction activity increased last week, with 2,529 properties going under the hammer, a solid rise from 757 two weeks ago, which was impacted by ANZAC Day commemorations and long weekends in some states. Compared with the same week last year, volumes were substantially higher (1,595, a 59% increase), with the year earlier result at least partly distorted by the timing of long weekends.

The preliminary clearance rate across the combined capitals came in at 60.2%, down slightly from 60.7% two weeks ago (albeit this was revised down to 54.9% on final numbers). However, this was the second week running where the preliminary clearance rate held above the 60% mark, suggesting a slightly better fit between buyer and seller pricing expectations.

Melbourne recorded the most auctions last week, with 1,249 events, up from 244 two weeks ago and a 61% increase on the same week a year ago. 61.8% of auctions reported a successful result, down from 62.5% two weeks ago (revised lower to 54.9% once finalised). This was the second week in a row where the early clearance rate held above the 60% mark.

825 homes were auctioned in Sydney last week, up from 257 two weeks ago and 46.8% higher than the same time last year. The preliminary clearance rate reached 60.0%, the highest early outcome in six weeks.

Across the mid-sized capitals, Brisbane led the way with 205 auctions, up from 87 two weeks ago and nearly double (+97%) the number held the same time last year. The preliminary clearance rate was 52.7%, on par with two weeks ago as the lowest preliminary clearance rate in twelve months.

145 auctions were held in Adelaide last week, up from 135 two weeks ago and 68.6% higher than the same week last year. 64.0% of auctions reported a successful result, down from 69.4% two weeks ago, and this was the lowest preliminary clearance rate since the Easter long weekend.

The ACT hosted 97 auctions last week with a preliminary clearance rate of 51.9%, up from 50.0% two weeks ago.

Only seven auctions were held in Perth last week and one in Tasmania.

Cotality is currently tracking approximately 2,270 homes scheduled for auction this week, and close to 2,000 auctions the week after.

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