Auction clearance rates remain steady across Australia, with 1,574 auctions held across the capital cities last week.
According to Cotaility, this is a 9.9% rise from the prior week’s 1,432 but an 11.4% drop from 1,777 in the same week last year.
The preliminary auction rose higher to 74.4% last week compared to 72.2% the week prior, marking the highest preliminary clearance rate so far this year after the final week of June. This is also the sixth straight week where the number of successful auctions has held above the 70% mark.
Melbourne has the highest number of auctions with 678, which is higher than the prior week’s 628.
Based on current results, 76.7% of the auctions were successful, which is a sharp rise compared to the previous week’s 70.5% and the highest preliminary clearance rate since May 2023.
Sydney had 578 homes up for auction last week, up from 566 in the week prior. The city recorded 74.8% successful auctions, down from the previous week’s 76.2%.
Despite the dip, this was Sydney’s sixth week in a row where the number of successful auctions was held above 70%.
Across the smaller capitals, Brisbane hosted the most auctions with 155 homes going under the hammer, with 68.4% of these being successful, compared to 61.3% the prior week.
The number of homes under the hammer in Adelaide has jumped from 75 to 90, and 71.7% of these auctions have been successful so far.
In the ACT, there were 55 auctions with a preliminary clearance rate of 65.8% last week.
Perth had just six homes auctioned. So far, only three of the auctions have been reported, two of which were successful.
In Tasmania, only two of the three auction results have been collected so far, and one of them was successful.
This week, around 1,710 capital city homes are currently scheduled for auction.
