The preliminary results for capital city auctions conducted over the weekend of Aug. 25 show a mixed performance across Australian cities. According to the latest data from CoreLogic, clearance rates are generally improving from the previous week.
Sydney: The auction clearance rate was 74.9%, slightly up from 74.6% the previous week and a significant increase from 69.1% a year ago. Sydney saw 807 auctions with 589 properties sold, while 184 were passed in. The median price of sold properties in Sydney was $1,577,500.
Melbourne: Melbourne’s clearance rate rose to 68.7%, from 67.4% last week and 64.7% the previous year. The city recorded 889 auctions with 661 sales and 302 properties passed in. The median price in Melbourne was $902,250.
Brisbane: Brisbane’s clearance rate increased to 67.3%, compared to 62.8% last week and 62.0% the same time last year. With 134 auctions, the city saw 104 sales and 50 properties passed in. The median price for Brisbane was $1,315,000.
Adelaide: Adelaide reported a high clearance rate of 79.5%, though this was a decrease from 83.7% last week but an improvement from 83.3% a year ago. The city hosted 149 auctions, with 88 properties sold and 50 passed in. The median price was $858,000.
Perth: Perth’s clearance rate was not available this week, but the city had 11 auctions, with 7 properties sold and 3 passed in. The median price remains undisclosed.
Canberra: Canberra’s clearance rate fell to 56.5% from 66.1% last week but was consistent with the previous year’s 56.1%. Out of 61 auctions, 46 properties were sold and 14 passed in. The median price in Canberra was $1,002,500.
Combined capital cities: The overall clearance rate for combined capital cities was 71.4%, up from 70.7% the previous week and 66.8% a year ago. A total of 2,052 auctions were conducted with 1,496 sales and 286 passed in. The median price across all cities was $1,130,000.
Sydney sub-regions: Notable clearance rates included North Sydney and Hornsby at 80%, and Sutherland at 83.3%. In contrast, the West region had a lower clearance rate of 49.4%.
Melbourne sub-regions: The North East led with a clearance rate of 76%, while the West region lagged at 49.4%.
The increase in clearance rates across several cities has indicated a more active market compared to recent weeks. Despite variations, the overall trend indicates a stable and slightly improving auction environment as spring approaches.
Do you have something to say about these findings? Let us know in the comments below.
