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The combined capital clearance rate is showing a consistent upward trajectory, indicating an increasing harmony between the expectations of vendors and buyers.
CoreLogic’s latest Property Market Indicator Summary revealed that 2,820 homes were taken to auction across the combined capitals in the week ending 23 February.
This marks the highest auction volume since 1 December 2024.
Alongside the increase in auction numbers, clearance rates have also shown an upward trend across the combined capitals.
The preliminary clearance rate reached 72.1 per cent last week, up from 71.2 per cent the previous week, which was later revised down to 63.8 per cent.
This marks the second consecutive week where the preliminary clearance rate has remained above 70 per cent, the highest since late July 2024.
Melbourne led the auction activity with 1,467 homes going under the hammer, the highest weekly volume since late October 2024.
The city’s preliminary clearance rate stood at 72.1 per cent, up from 70.7 per cent the previous week.
This is Melbourne’s highest preliminary clearance rate since mid-July last year.
Sydney followed with 959 auctions, the highest volume since the week ending 1 December 2024.
The city maintained a preliminary clearance rate above 70 per cent for the third consecutive week, though the early success rate slightly declined to 74.4 per cent, down from 76.6 per cent the previous week.
Across the smaller capital cities, Adelaide recorded the highest number of auctions at 151, with a preliminary rate of 71.6 per cent, the highest since January this year.
Brisbane saw 138 homes taken to auction, recording the lowest preliminary clearance rate among the capitals at 53.1 per cent.
Canberra hosted 88 auctions, reaching a 70.7 per cent preliminary clearance rate, the highest since mid-October last year.
Looking ahead, auction volumes are expected to decline slightly, with approximately 2,540 auctions scheduled across the combined capitals this week.
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