Login
iscover
A rise in volumes has also brought out more buyers hoping to seal the deal.
Last week saw 2,525 auctions held across the capital cities, marking the second-highest volume of the spring selling season, following the week ending 22 September which recorded 2,781 auctions.
The preliminary combined capital city clearance rate also edged higher this last full week reaching 66.6 per cent, up from the previous week’s 63.9 per cent. However, final numbers out of that period revealed the lowest finalised rate since December of 2023, revising down to 59.5 per cent.
Melbourne held the highest number of auctions with 1,044 homes going under the hammer, slightly down from the prior week’s 1,095. The city’s preliminary clearance rate was 64.8 per cent, closely aligning with the previous week's 64.4 per cent, which was revised down to 59.4 per cent.
Sydney saw 1,044 auctions last week, a significant jump from the previous week’s 524 auctions, making it the third-highest auction volume of the year. The harbour city’s preliminary clearance rate experienced a notable increase, reaching 69 per cent, up from 62.7 per cent.
Among the smaller capitals, Brisbane led in auction volume, with 216 homes auctioned and a preliminary clearance rate of 62.5 per cent. Adelaide saw 164 homes go under the hammer, with a preliminary clearance rate of 67.5 per cent, the second-lowest rate of the year following the week ending 4 August, which recorded 66.7 per cent.
The ACT held 83 auctions, achieving a preliminary clearance rate of 71.2 per cent, the highest since the week ending 23 June. Perth recorded 13 auctions with a clearance rate of 55.6 per cent, while Tasmania held a single auction which remains unsold.
Looking ahead, auction numbers are anticipated to continue upward, with CoreLogic currently tracking approximately 2,600 properties set for auction this week, and a further 3,000 auctions expected in the following week.
As the spring selling season gains momentum, the upcoming weeks will test buyer demand. Historically, auction activity peaks in late November or early December; however, last year’s peak occurred in late October, disrupted by the November interest rate hike.
You are not authorised to post comments.
Comments will undergo moderation before they get published.