Australia’s spring selling season is ramping up, with 2,455 homes taken to auction last week, which is the highest volume since early June.
While activity increased, preliminary clearance rates eased through the first two weeks of spring, suggesting demand is struggling to keep pace with the growing supply of stock.
The combined capitals early success rate slipped to 74.8% last week, dipping below the 75% mark for the first time in five weeks.
Kaytlin Ezzy, economist at Cotality said that despite the softening, the result remains strong, above the winter average of 72.7%.
Melbourne bucks the trend
Auction activity in Melbourne stayed above 1,000 for the third consecutive week, with 1,273 homes auctioned.
Volumes were up 17.3% on the previous week and 9.4% higher than the same time last year.
Unlike the broader capitals, Melbourne’s preliminary clearance rate lifted to 75.2%, up from 73.2% the week prior.
Sydney volumes rise, success rates ease
Sydney hosted 837 auctions — its busiest week since early June, though 4.0% lower than a year ago.
Preliminary clearance rates came in at 74.7%, the lowest in five weeks, down from a recent high of 80.3% in late August.
Smaller capitals
- Brisbane: 148 auctions, four more than the previous week, with a preliminary clearance rate of 74.0% (down from 76.5% the week prior).
- Adelaide: 108 auctions, the city’s highest volume in 13 weeks, with a clearance rate of 75.4% — its best since mid-August.
- Canberra (ACT): 79 homes went to auction, the busiest week since late May. Clearance rates improved to 73.3%, up from 71.9% a week earlier.
Looking ahead
Auction activity is set to climb further this week, with around 2,630 homes scheduled to go under the hammer.
