The first major week of auctions this year has set a cracking pace, with a surge in both the volume of auctions and clearance rates
With 1,671 auctions held across the combined capitals, last week was the second-biggest start to the auction season since CoreLogic auction records commenced in 2008, behind only the first week of February in 2022 (1,779). Relative to the same time last year (1,322), last week’s auction activity was up 26.4% and was more than double the number of capital city auctions held over the year so far (803).
Last week’s combined capitals’ preliminary clearance rate jumped relative to the end of last year when fading success at auction saw preliminary clearance rates hold around the mid-60 % range before revising below 60% at final numbers. With 1,268 results collected so far, last week’s preliminary clearance rate came in at 73.9%, the highest since the week ending August 20th 2023 (74.0%).
Capital City Auction Statistics (Preliminary)
Across the largest auction markets, Melbourne hosted 603 auctions, while Sydney saw 562 homes go under the hammer. Compared to this time last year, both markets saw a sizable lift in auction activity, up 46.0% and 32.5%, respectively.
Sydney and Melbourne also saw a sizable step change in early success rates compared to the end of last year, with both markets recording a preliminary clearance rate above the 70% mark. Melbourne recorded its highest preliminary clearance rate since early October last year, with 71.9% of the 488 results collected so far returning a successful result. Sydney’s early clearance rate came in at 76.3% with 434 results collected – the city’s highest preliminary result since the week ending July 20th 2023 (77.5%).
Capital City Auction Statistics over time
Across the smaller capitals, Brisbane hosted the busiest auction week, with 203 homes auctioned, followed by Adelaide (159), Canberra (132) and Perth (9). Canberra recorded the highest preliminary clearance rate at 80.0%, followed by Adelaide and Brisbane, with early success rates of 77.6% and 68.5%. In Perth, just one of the three auction results collected so far was positive, while one of the three auctions held in Tasmania was successful.
Overall, it looks like auction markets are starting the year on a strong footing. Potentially, the news of low inflation and the possibility of early rate cuts is already boosting sentiment. The next few weeks should provide further guidance on whether this strong result is simply some early-year exuberance or a trend that can persist.
Capital City Auction Statistics (Preliminary)
Sub-region auction statistics (preliminary)
