Solid rise in auction activity across the combined capitals

The auction market is continuing to ramp up, with a solid 29.5% rise in the volume of auctions held last week (2,051) compared with the week prior, tracking 7.6% higher than the same week a year ago.

Every city recorded more auctions last week relative to the previous week and compared with last year.

The preliminary clearance rate has held above the 70% mark for the second week running, but slipped a little lower than the previous week, down from 73.7% (revised back to 66.1% on final results) to 70.7% last week across the combined capitals.

868 auctions were held in Melbourne, a 38.4% lift in activity last week. The preliminary clearance rate nudged higher, reaching 70.6%, which was the first time Melbourne’s early clearance rate has been above the 70% mark since mid-November last year.

Sydney recorded a 29.5% increase in the number of auctions held last week relative to the previous week, with 70.1% of auctions reporting a successful result so far – a sharp drop from the 79.6% result recorded a week earlier (revised down to 70.8% on final numbers).

Brisbane saw 156 homes go under the hammer last week, 19.1% more than the week prior. 70.9% of auctions have reported a successful result so far, up from 69.0% the previous week.

128 homes were taken to auction in Adelaide last week, with the preliminary clearance rate slipping below the 80% mark for the first time this year, coming in at 78.9%.

20 homes were auctioned in Perth last week, with 83.3% selling so far. Only three homes were auctioned in Tasmania, one of which was sold under the hammer.

The number of auctions is set to continue rising over the coming weeks, with more than 2,800 events scheduled this week across the combined capitals, rising to almost 3,400 next week.