Despite holding nearly the same volume of auctions as the week before, last week saw a modest drop in clearance rates across Australia’s capital cities, according to CoreLogic’s latest data.
Caitlin Fono (pictured above), CoreLogic Australia’s research analyst, reported that 1,952 homes were auctioned last week, slightly fewer than the previous week’s 1,985, with the preliminary clearance rate falling to 72.7% from a previous 75.9%.
“The volume of auctions held is well down from the pre-Easter period, when the weekly volumes peaked at 3,519, but well above a year ago when 1,708 auctions were held,” Fono said.
Melbourne, leading with 855 auctions, saw a preliminary clearance rate of 70.8%, marginally higher than the previous week’s 70.6%, which later revised down to 62.8%.
Sydney’s auction market experienced a significant dip, with 827 homes auctioned and a preliminary clearance rate of 74.3%, a decline from the previous week’s high of 81.6%.
Adelaide showcased the strongest performance among the capitals, with an 87.8% preliminary clearance rate, a notable increase from 76.9% the previous week.
Brisbane and Canberra also experienced variations in their auction success, with Brisbane’s clearance rate increasing to 77% from 75%, and Canberra dropping to 58.6% from 61.8%.
Compare the latest figures from the previous week’s auction results.
Overall, clearance rates are holding above the long-term average, reflecting relatively stable market conditions.
“Capital city dwelling values are trending higher at the rolling four-week rate of about 0.5%, a slight reduction on the end of March rate (0.6%), with stronger conditions holding in Perth (+1.8%), Adelaide (+1.2%) and Brisbane (+0.9%),” Fono said, signaling cautious optimism about the near-term market trajectory.
The CoreLogic forecast suggested that around 1,900 auctions will be held this week across the combined capital cities, continuing the active market trend.
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