Auction Rates Edge Up
Australia's preliminary auction clearance rates across the combined capitals edged above 70% last week, reaching 70.4%, according to CoreLogic. This slight rise follows a revised clearance rate of 64% from the previous week's initial 69.2%. The uptick was mainly driven by smaller markets, with Adelaide leading at an impressive 88.9%, followed by Brisbane at 73.1%, and Canberra at 52.2%—all showing improvements.
However, Sydney and Melbourne, the major auction markets, saw slight declines. Melbourne led with 844 homes auctioned—the highest volume since late June—with a preliminary clearance rate of 69.5%, down from 70.4% the previous week. Sydney had 632 auctions, up from 612, with an early clearance rate of 68.0%, marking the second week below 70%. CoreLogic economist Kaytlin Ezzy noted, “The number of auctions scheduled this week is just over 2,000, rising to around 2,100 next week, indicating a pick-up in activity as we approach the spring selling season.”
