Auction volumes rise as market activity rebuilds

CoreLogic says auction volumes likely to keep rising in the weeks ahead

Auction volumes rise as market activity rebuilds

Auction activity across Australia’s capital cities is gradually picking up pace, with 440 homes taken to auction last week, according to data from CoreLogic.

Last week’s figure marks an increase from 262 the previous week but remains slightly below the 476 auctions held during the same period last year.

Preliminary results show a clearance rate of 64.5% based on 253 collected outcomes, though this number is expected to adjust as additional results come in.

According to the CoreLogic report, Melbourne was the most active auction market, hosting 229 auctions, a notable rise from 132 in the prior week and 192 during the same week in 2023. The city’s preliminary clearance rate was reported at 64.8%, though CoreLogic noted the final figure is likely to decline. 

“Melbourne continues to lead auction activity, though clearance rates suggest ongoing hesitancy among buyers,” said Caitlin Fono (pictured above), research analyst at CoreLogic Australia. 

Sydney saw 64 homes taken to auction, up slightly from 55 the previous week but well below the 83 auctions held a year ago. The preliminary clearance rate in Sydney was 59.5%, indicating a subdued level of buyer engagement.

Adelaide hosted 69 auctions, the highest among the smaller capitals. Early results showed a strong clearance rate of 76.1% based on 46 reported outcomes. Brisbane followed with 61 auctions and a preliminary clearance rate of 55.3%. 

Meanwhile, the ACT held eight auctions, with only two reporting successful results so far. Perth also held eight auctions, with both reported outcomes resulting in sales under the hammer. Tasmania had just one auction last week, which was successful. 

The volume of homes taken to auction is expected to increase in the coming weeks, with around 1,300 auctions currently scheduled across the combined capitals for this week. 

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