Clearance rates hold steady as market activity slows across Australian capitals
Auction activity across Australia’s capital cities is slowing as the year-end holiday season approaches, with 2,215 homes scheduled to go under the hammer this week.
CoreLogic’s final Auction Market Preview for the year has revealed a decline from 2,617 auctions held last week and 2,884 during the same week last year. This week is set to be the quietest for auctions since early November, when just 1,972 homes were listed in the lead-up to the Melbourne Cup.
Melbourne remains the busiest auction market, with 1,003 homes set to go to auction this week, down from 1,236 last week and 1,398 during the same week last year. Sydney is also seeing fewer auctions, with 814 homes scheduled, compared to 927 last week and 934 over the same period in 2022.
Among the smaller capitals, Brisbane (164) and Adelaide (142) lead auction activity this week, followed by Canberra with 55 homes. Perth is expecting its busiest auction week of the year, with 37 homes scheduled to go under the hammer, while Tasmania has no auctions planned at this stage.
Looking ahead, auction volumes are expected to drop further, with fewer than 850 homes scheduled for next week and only a small number the following week as the market slows down in the lead-up to Christmas.
According to the latest Auction Market Preview, 2,617 homes were taken to auction across the combined capital cities last week, down from 2,881 the week prior and 3,042 during the same week in 2022.
The national clearance rate dipped slightly to 57.6%, down from 59.1% the previous week but matching the 57.6% recorded during the same period last year. This marked the eighth consecutive week where clearance rates remained below 60%.
Melbourne hosted 1,236 auctions last week, reporting a clearance rate of 60.5%, down from 61.7% the prior week but higher than the 56.2% recorded during the same period last year. Sydney saw 927 homes go under the hammer, with its final clearance rate falling to 54.8%, the lowest since December 2022. Over the same week last year, Sydney reported a clearance rate of 57%.
Among the smaller capitals, Brisbane held 198 auctions, followed by Adelaide (160), Canberra (78) and Perth (15). Perth achieved the highest clearance rate at 66.7%, ahead of Adelaide (61.9%), Canberra (53.2%) and Brisbane (51%). Tasmania saw three auctions last week, one of which was successful.
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