Auction clearance rates receive small rise after Easter
Clearance rates jumped slightly in all capital cities and a bigger uplift is expected this weekend.
THE preliminary auction clearance rate across the capital cities rose slightly last week from the lows of the Easter long weekend.
Property data firm Cotality reported clearance rates lifted from 55.5 per cent the week prior to 57.9 per cent last week.
“This was the second week running where the early auction clearance rate has held below the 60 per cent mark,” Cotality said.
The volume of auctions jumped 176 per cent from the week prior, which was low due to the Easter break.
“Some 1899 homes were taken to auction across the capital cities. Outside of seasonal events, the volume of auctions has been tracking substantially higher than a year ago since the first week of March,” Cotality reported.
There were 890 homes auctioned across Melbourne last week, a 489 per cent jump on the week prior’s volume. The preliminary clearance rate came in at 57.8 per cent, down from 58.3 per cent the week prior.
It was the lowest early clearance rate since the last week of September 2024. This was the second week in a row where Melbourne’s preliminary clearance rate has been below 60 per cent.
Sydney saw 692 homes go under the hammer last week, a 79 per cent increase from the preceding week.
The preliminary clearance rate ticked a little higher, rising from 53.4 per cent to 54.4 per cent, the third week in a row where the preliminary clearance rate has held below 60 per cent.
Adelaide was the most active auction market across the smaller capitals, with 124 homes taken to market.
The preliminary clearance rate, at 70.8 per cent, was a sharp rise from the week prior’s 57.7 per cent and the highest of any capital city.
There were 116 homes auctioned across Brisbane last week, recording a preliminary clearance rate of 60.9 per cent, up from 55.7 per cent the week prior.
Some 63 auctions were held across the ACT, with 66.7 per cent reporting a successful result so far, up from 61.3% the previous week.
Perth recorded 13 auctions, with 60 per cent selling on the early results and only one auction was held in Tasmania.
This week is set to see a further rise in the volume of auctions held, with approximately 2650 homes scheduled to go under the hammer.
Both Sydney and Melbourne have more than 1000 homes set for auction.
