Image: Canva.
  • Auction activity increased slightly with 2,990 homes under the hammer.
  • Melbourne remains the busiest auctions market at 1,410 homes auctioned.
  • Adelaide leads among the smaller capitals with a clearance rate of 76.9%.

Last week’s capital city auction activity came in at 2,990 homes under the hammer, overtaking the week prior as the second busiest week of the year, according to CoreLogic.

Melbourne was the busiest auction market last week, with 1,410 homes auctioned across the city; this is up 19.4% from the week prior and 39.9% higher than this time last year. CoreLogic’s Kaytlin Ezzy also noted that Melbourne’s clearance rate inched higher for the second consecutive week, rising 50 basis points to 61.2%.

Weekly clearance rate, combined capital cities

clearance rates, corelogic
Source: CoreLogic.

Sydney holds above 1,000 mark for fourth consecutive week

Sydney was also host to the second busiest week of the year, according to Ezzy, with 1,063 homes auctioned. This keeps Sydney above the 1,000 mark for the fourth consecutive week.

Capital city auction statistics (final) November 19

City Clearance rate Total auctions CoreLogic auction results Cleared auctions Uncleared auctions
Sydney 63.9% 1,063 1,061 678 383
Melbourne 61.2% 1,410 1,406 861 545
Brisbane 55.8% 201 199 111 88
Adelaide 76.9% 187 186 143 43
Perth 53.3% 15 15 8 7
Tasmania N/A 5 5 3 2
Canberra 50.5% 109 109 55 54
Weighted Average 62.4% 2,990 2,981 1,859 1,122

Source: CoreLogic.

However, Ezzy said last week’s final clearance rate was Sydney’s lowest since early August, with 63.9% of auctions returning a successful result. Ezzy added that this decrease was driven by buyers and sellers, with the portion of properties passed in at auction rising 10 basis points to 22.0%, while Sydney’s withdrawal rate increased 20 basis points to 14.1%.

Adelaide leads among the smaller capitals

Adelaide was the most successful market among the smaller capitals, with a clearance rate totaling 76.9%, up 30 basis points week on week. This was also Adelaide’s busiest auction week of the year, with 187 homes auctioned.

Brisbane saw the biggest weekly decline, at -12.0 percentage points in their clearance rates, leaving a total of 55.8% of the homes auctioned yielding a positive result.

Just over half of Canberra’s 109 auctions were successful (50.9%). In Perth, eight out of 15 auctions saw a positive result, while three of the five auctions held in Tasmania were successful.

 




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