National auction clearance rate shows marginal rise
Sydney leads the way in slight uplift, which is a positive sign, but national figure still below the 60 per cent benchmark.
THE national auction clearance rate showed a modest increase last week but still fell below a recognised benchmark.
According to property data specialist Cotality, the preliminary auction clearance rate reached 58.2 per cent, up from the 57.5 per cent low recorded the week prior in the wake of the Federal Budget.
“Despite this modest improvement, the rate has stayed under the 60 per cent benchmark for six of the last eight weeks,” Cotality said.
These figures were based on 2339 auction listings, which represented a 19 per cent weekly volume increase but was 4.9 per cent below the volume recorded during the same period last year.
Last week, Melbourne saw 1043 properties taken to auction, a 13.6 per cent increase in volume compared with the week before.
While the preliminary clearance rate of 60.2 per cent was a slight decrease from the previous week’s 61.4 per cent, it remained above the 60 per cent threshold for the second week in a row.
Sydney saw 823 homes go to auction last week, up by a third on the previous week when 619 auctions were held.
“The preliminary clearance rate posted a solid rise to 56.9per cent, recovering from 49.2 per cent the week prior,” Cotality said.
“Although the clearance rate lifted, the result remained soft, with the early clearance rate sitting below 60 per cent in eight of the past nine weeks.”
Brisbane hosted 194 auctions, a 7.2 per cent rise on the previous week but 5.4 per cent lower than a year ago.
The preliminary clearance rate came in at 45.7 per cent, the lowest early auction outcome for Brisbane since April 2023.
In Adelaide, auction volumes experienced an 8.8 per cent decline from the preceding week, with 135 properties listed for sale.
The preliminary clearance rate of 72 per cent remained the highest among all capital cities, despite a decrease from the 75.7 per cent recorded during the previous week.
In Canberra, auction activity surged with 131 homes entering the market, a notable increase from the 69 auctions held the week prior.
Despite this rise in volume, the preliminary clearance rate remained steady at 54.3 per cent, showing little change from the previous week’s 54 per cent.
With just over 2750 properties currently scheduled for auction, volumes are expected to rise significantly this week.
Both Sydney and Melbourne will see significant market activity, with each city having over 1000 properties scheduled for auction.
