Highest volume of capital city auctions in over four years

The number of capital city auctions jumped to 4,062 last week, up 46% on the previous week and 41% higher than at the same time a year ago. This was the highest volume of auctions held in a week since December 2021.

The easing trend in auction clearance rates (that has been evident since the first rate hike in February) continued, falling to 60.9% based on the preliminary results. This was the lowest preliminary clearance rate since December 2022, when housing values were in the midst of a short but sharp correction as interest rates rose from pandemic lows.

Melbourne recorded the highest number of auctions last week, with 1,887 homes going under the hammer, a 38% increase on the previous week and the highest number of auctions held since December 2021. The preliminary clearance rate fell to 63.5%, the lowest outcome since April last year.

1,518 homes went to auction in Sydney last week, 55% more than the previous week and a 37% rise on the same week last year. Once again, December 2021 was the last time we saw a week with this many auctions held. The preliminary clearance rate reduced to 57.9%, the lowest early result since December 2024.

Brisbane saw 284 homes go to auction last week, up 42% on the week prior and 64% higher than this time last year. The preliminary clearance rate fell to 58.9%, the city’s lowest since late last year.

190 auctions were held in Adelaide last week, a 47% increase on the week prior and the highest volume since September 2024. 69.2% of auctions have reported a positive result so far, marking Adelaide as the only capital city to record a rise in the preliminary clearance rate relative to a week ago. Despite the rise, the early clearance rate was well below the year-to-date average of 79.7%.

24 auctions were held in Perth last week, the highest since the week ending 7 December last year, returning a preliminary clearance rate of 62.5%.

Only one auction was held in Tasmania for the third consecutive week, and it was passed in.