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Auction activity is heating up across Australia’s capitals, with clearance rates surpassing 70 per cent for the first time since September 2024.
According to CoreLogic’s Property Market Indicator Summary, the number of homes taken to auction in the week ending 16 February surged to 1,972 across the capital cities.
This marked the highest weekly volume recorded this year, up from 1,670 the previous week.
Clearance rates have shown a consistent upward trend, with the preliminary capital city clearance rate reaching 71.2 per cent.
The data indicated that the early success rate exceeded 70 per cent for the first time since 8 September 2024, surpassing the previous week’s final clearance rate of 64.2 per cent.
Melbourne led the way with 845 auctions last week, up from the previous week’s 675 auctions.
The preliminary clearance rate for the city rose 70.7 per cent, its highest since September 2024.
Melbourne’s auction numbers are set to exceed 1,000 this coming week, with approximately 1,100 homes scheduled for auction this week.
Meanwhile, 796 auctions went under the hammer in Sydney last week, the highest number so far this year.
Sydney’s preliminary clearance rate climbed to 76.6 per cent, the strongest result since early July last year.
Smaller auction markets last week showed mixed results.
Brisbane hosted 152 auctions, down from 205 the previous week, with a preliminary clearance rate of 57.8 per cent.
Adelaide held 111 auctions and saw a clearance rate of 61.7 per cent, the lowest for the city this year.
The ACT saw 59 auctions with a 60 per cent clearance rate, while Perth had only eight auctions with three successful outcomes.
The volumes of auctions are set to continue rising, with projections reaching around 2,450 this week and approximately 2,500 by the end of February and the beginning of March.
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