Australian auction market sees 3,383 homes head under the hammer

• Across the combined capitals, 3,383 homes went under the hammer.
• Melbourne experienced its busiest auction week since mid-April 2022
• Sydney's preliminary clearance rate fell 3.4ppt.

Capital city auction activity skyrocketed last week, seeing 3,383 homes head under the hammer – the busiest auction week since Easter 2022, according to CoreLogic‘s latest Property Market Indicator Summary.

Last week’s auction volumes were 37.4% higher than the 2,463 auctions held the week prior, and 76.1% higher than the 1,921 recorded this time last year.

“While still below the record-breaking numbers seen in November and December 2021, last week marked the first time weekly auction numbers have exceeded 3,000 since late May 2022,” said CoreLogic’s Kaytlin Ezzy.

Capital city auction statistics (preliminary)

Source: CoreLogic

Melbourne experienced its busiest week since mid-April 2022, and Ezzy noted that the capital saw an additional 564 homes taken to auction compared to the previous week. This time last year, Melbourne’s clearance rate hovered at 60.9%.

Sydney also saw its busiest week since May 2022, when 1,109 homes headed to auction; it also marks the third time this year that Sydney’s auction activity exceeded the 1,000 mark, according to Ezzy. Of the 830 results collected thus far, Sydney’s preliminary clearance rate fell 3.4 percentage points.

Sydney’s dip in clearance rates was driven by a rise in both Sydney’s withdrawal rate (13.7%) and the portion of properties passed in at auction (15.4%). This time last year, 61.0% of the 751 auctions held in Sydney recorded a successful result.

Among the smaller capitals, Brisbane and Canberra recorded their busiest auction weeks of the year so far, at 238 and 165, respectively. Adelaide also hosted its second busiest week of auction activity at 173, just behind the week ending September 24 at 176.