Preliminary clearance rate slips to second lowest result of the year

The preliminary clearance rate dropped to 56.5% last week, marking the second lowest early result recorded this year. The lowest clearance rate occurred during the Easter long weekend, coming in at 55.5%. This decline highlights softer auction market conditions compared to recent weeks, with clearance rates struggling to rebound from seasonal and market-related impacts.

Volumes softened, with 2,212 auctions held last week, 13.6% below the previous week. Relative to a year ago, volumes remained high, with 27.5% more homes going under the hammer than the same week last year. The higher number of auctions year-on-year is aligned with the overall flow of new listings coming to market, which had also been tracking above 2025 levels.

Melbourne led auction volumes, with 1,078 homes going under the hammer last week, a 15.6% reduction from the previous week but 34.9% higher than the same week last year. Melbourne's preliminary clearance rate of 57.7% was the lowest reading since the last week of September 2024.

In Sydney, 739 auctions were held, 10.5% fewer than the week prior but 12.7% more than the same week last year. The preliminary clearance rate fell to 55.2%, the lowest in four weeks, reversing the modest upward trend seen since mid-April.

Brisbane hosted 164 auctions, a 20.4% reduction on the previous week but 53.3% higher than a year ago. The preliminary clearance rate rose one percentage point, from 52.7% the week prior to 53.7%. Brisbane's preliminary clearance rate has held below 60% in six of the past seven weeks.

In Adelaide, 106 properties went to auction, down 27.4% on the previous week and 2.8% lower than a year ago. The preliminary clearance rate, at 67.2%, was 3.2 percentage points higher than the week prior.

Canberra saw 114 auctions, a 16.3% rise on the previous week and more than double the number held a year ago. Just 48.3% returned a positive result based on collected data so far. Eleven auctions were held in Perth and none in Tasmania.

Auction volumes are set to ease again this week, with just over 2,000 events currently in the calendar, picking up to approximately 2,350 the following week.