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Australia’s property market experienced a significant decline in auction activity last week due to Easter weekend festivities.
In its latest Property Market Summary, CoreLogic indicated that nationwide, 652 homes were taken to auction across the combined capitals in the week ending 20 April.
The numbers represented a considerable decline in auction volumes from the previous week, when 3,066 homes went under the hammer.
CoreLogic said that the drop in activity was expected during the Easter long weekend, but the decline was significantly lower than over the Easter period last year, which saw 901 homes taken to auction.
Last week, the preliminary clearance rate across the country dropped to 64.7 per cent, falling below the lowest recorded clearance rate of the previous week this year, excluding the typically unpredictable January figures.
Sydney came in as the busiest auction market last week, with 358 homes going under the hammer, although the figure is slightly down from last year’s Easter weekend, which saw 414 live sale events.
Sydney’s preliminary clearance rate last week increased slightly to 67.9 per cent, up from 65.5 per cent the previous week, marking the fifth consecutive week where Sydney’s early clearance rate has been below 70 per cent.
Melbourne followed closely with 153 homes taken to auction, down from the 283 auctions held over the Easter period in 2024.
CoreLogic reported that Melbourne’s preliminary clearance rate dropped sharply to 61.1 per cent, the city’s lowest preliminary result since September last year.
Brisbane hosted 60 auctions last week, recording the highest number across the smaller capital cities, however, its preliminary clearance rate has plummeted sharply from the previous week by 7.1 per cent, falling to 55 per cent.
Adelaide saw 51 homes go under the hammer with a returning clearance rate of 68.6 per cent, meanwhile 28 homes were auctioned in the ACT with a 55.6 per cent clearance rate so far.
Of the two auctions in Perth, one reported a successful clearance rate, while no auctions were held in Tasmania last week.
CoreLogic indicated that the volume of auctions is expected to bounce back in the week ending 27 April, with 1,060 scheduled to go under the hammer.
Activity is also expected to rise the week after, with 1,480 homes pencilled in for auction, however, CoreLogic has indicated that post-Easter auction activity is usually lower than pre-Easter until the spring season commences.
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