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Australia’s property market saw a significant increase in auction activity last week as sellers rushed to take advantage of the traditionally busy lead-up to the Easter long weekend.
The latest property market summary from CoreLogic, to be soon rebranded as Cotality, indicated that nationwide, 3,146 homes were taken to auction across the combined capitals last week, ending 13 April.
This represented the highest volume of auctions recorded since the same period last year, when 3,519 auctions took place.
However, a surge in listings was met with a dip in buyer sentiment, which CoreLogic indicated was likely influenced by ongoing tariff tensions and share market volatility.
As a result, the preliminary clearance rate across the country dropped to 64.8 per cent, the lowest recorded so far this year, excluding the typically unpredictable January figures.
This marked a 5.9 percentage point decline from the previous week’s 70.7 per cent preliminary rate.
Melbourne came in as the busiest auction market last week, with 1,424 homes going under the hammer, although this figure is down from the pre-Easter high of 1,760 this time last year.
Melbourne’s preliminary clearance rate this week also slid to a sharp drop of 67 per cent, down from 72.9 per cent the previous week.
Sydney followed closely with 1,307 homes taken to auction, recording its busiest week since the lead-up to Easter 2022, when 1,490 properties were listed.
CoreLogic reported that despite the volume, demand failed to keep up, with the city recording a preliminary clearance rate of 65.5 per cent, down from 69.1 per cent the week before.
Adelaide hosted 157 auctions, recording the highest number across the smaller capital cities last week; however, its preliminary clearance rate plummeted sharply by 25.7 per cent to 62.1 per cent.
Brisbane experienced a quiet pre-Easter auction market, with 135 homes going to auction this week, the second-lowest count since early February.
Brisbane’s clearance rate also declined, with 56.7 per cent of auctions resulting in a sale, compared to 58.3 per cent the previous week.
Of the 110 auctions held in the ACT this week – the second-highest volume for the city this year –only a dismal preliminary success rate of 41 per cent was recorded, marking the weakest result since June 2019.
Of the 11 homes auctioned in Perth, results for six have been revealed, showing that four houses were successfully sold.
One of the two homes taken to auction in Tasmania was passed in.
CoreLogic indicated that the volume of auctions is expected to decline significantly over the Easter long weekend, with approximately 635 properties scheduled to go under the hammer.
Activity is expected to rebound next week, with an estimated 1,050 auctions anticipated to take place.
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