Preliminary clearance rates lose a ‘little’ steam

Across Australia’s capital cities, 1,584 homes were taken to auction last week, roughly in line with the number seen the week prior (+0.6%) but 16.2% lower relative to the same week a year ago (1,891).

After reaching a 12-month high at the end of July (74.7%), auction markets have lost a little steam in the first two weeks of August, with the combined capital’s preliminary clearance rate coming in at 71.7% last week, down from 72.3% the previous week.

Despite the lower result, the preliminary capital city clearance rate has held above the 70% mark for nine weeks running, reflecting a solid improvement in selling conditions as we lead into spring. With another rate cut almost a certainty on Tuesday, it will be interesting to see if early clearance rates bounce higher this week.

Melbourne hosted 742 auctions last week, up from 730 the week prior. While last week's result of 70.9% marked Melbourne's fifteenth consecutive week with a preliminary clearance rate above the 70% mark, it was also the city's lowest early result in four weeks.

559 auctions were held in Sydney last week, down 2.1% from the 571 held the previous week. 74.3% of the 443 auction results reported so far were successful. Although down from 74.9% the previous week, last week was Sydney’s ninth consecutive week with an early clearance rate above 70%.

Brisbane led the volume of auctions across the smaller markets, with 127 homes taken to auction, in line with the week prior (128). 67.0% of homes have so far been reported as sold, marking the city’s lowest preliminary clearance rate in four weeks.

92 homes went to auction in Adelaide, with 70.3% returning a positive result — the highest in three weeks.

The ACT saw 56 homes auctioned last week and reported an early clearance rate of 75.6%, which was the capital's highest result since June 2024 (76.5%).

Eight auctions were held in Perth last week, with one of the five results collected so far reporting a positive result. There have been no auctions in Tasmania for the past three weeks.

The volume of auctions is set to rise in the coming weeks, with approximately 1,940 homes scheduled for auction this week, and just over 2,000 set for auction the week after.

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