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The latest auction volumes have dropped, with the activity reaching its lowest preliminary clearance rate since the week ending 9 February 2025.
CoreLogic’s latest Property Market Indicator Summary showed that the preliminary auction clearance rate across the combined capitals fell to 68.7 per cent in the week ending 23 March, down from 69.1 per cent the previous week.
Auction activity also saw a modest decline, with 2,435 homes going under the hammer last week, compared to 2,472 the week prior.
CoreLogic indicated that auction numbers were significantly higher at the same time last year, with 3,519 auctions held in the lead-up to Easter.
Melbourne recorded the highest number of auctions last week, with 1,249 live sale events, an increase from the 1,192 auctions the week prior.
Melbourne’s preliminary results showed a 70.6 per cent preliminary success rate last week, up 30 basis points from the 70.3 per cent rate recorded the previous week.
Sydney’s auction market declined last week with 837 homes going under the hammer, down from 893 the previous week.
Preliminary clearance results in Sydney slipped to 69.1 per cent, marking the first time in six weeks that the success rate has fallen below 70 per cent.
Among the smaller capital cities, Brisbane recorded the highest auction volume, with 148 homes going to auction.
The city’s preliminary clearance rate rose to 61.5 per cent, its highest so far this year, improving from 59 per cent the previous week.
Adelaide hosted 113 auctions with an early clearance rate of 60.8 per cent, the lowest success rate recorded in the city this year.
In the ACT, 76 auctions were held, achieving a preliminary clearance rate of 60.8 per cent, up from 57.4 per cent the previous week.
Perth recorded just 10 auctions, with five reporting successful results, while Tasmania only held two auctions.
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