Clearance rates and buyer demand stay low amid a cooling market
Auction volumes are increasing across Australia’s capital cities as the property market moves past the holiday slowdown.
According to CoreLogic, 1,472 auctions are scheduled this week — more than triple the 429 auctions recorded in the previous week. However, activity remains below the same period in 2024, when 1,712 auctions took place.
Eliza Owen (pictured above), head of research at CoreLogic Australia, said that weaker demand may be affecting early 2025 auction numbers, adding that the start of 2024 was defined by stronger selling conditions.
Melbourne has the highest number of scheduled auctions at 508, more than doubling last week’s auction numbers. Still, the figure is down from 625 auctions recorded in the same week last year. The city’s decline accounts for much of the overall drop in auction numbers across the capital cities.
Sydney follows closely with 487 auctions planned, a significant jump from just 59 last week but lower than the 583 auctions held during the equivalent period in 2024.
Among smaller capitals, Adelaide leads with 167 auctions, slightly higher than last year’s 162. Brisbane has 166 scheduled auctions, down from 202 in the same week of 2024. Canberra’s auction numbers rose to 133, up from 129 a year ago. Meanwhile, Perth has 11 auctions planned, and no auctions are scheduled in Tasmania.
Final clearance rates for last week point to softer market conditions. Across the combined capital cities, the clearance rate was 55.6% from 426 reported results, revised down from a preliminary 64.5%.
“The first final clearance rate result for 2025 reiterates the broader slowdown across the property market,” Owen said, adding that the trend aligns with the cooling of home value growth throughout 2024, with CoreLogic’s daily Home Value Index for the combined capitals slipping by 0.1% over the 28 days ending January 26.
Melbourne recorded a final clearance rate of 55.7%, down from 58.5% at the end of 2024 and well below the 66.0% recorded a year earlier. Sydney’s final clearance rate was lower at 54.2%, though it improved from 52.6% at the end of last year.
Among the smaller capitals, Adelaide had the highest clearance rate at 68.1%, with 69 auctions held. Brisbane’s final clearance rate fell to 48.3%, significantly lower than last year’s 67.4%. In Canberra and Perth, eight auctions were held last week, with two sales in Canberra and three in Perth. Tasmania saw one successful auction.
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