Auction volumes on the rise
Auction volumes across capital cities have picked up week-on-week, with Melbourne recording more than half of the total auctions.
CoreLogic’s latest Property Market Indicator Summary showed that nationwide, 440 properties were auctioned off in the week ending 26 January 2025.
This activity marks an increase from the 262 homes taken to auction in the week ending 19 January 2025, but falls slightly short from the 476 homes taken to auction one year ago.
Across the capital city markets, results from 253 auctions have been collected so far, returning a preliminary clearance rate of 64.5 per cent.
Melbourne was the busiest auction market last week, with 229 homes going under the hammer, representing an increase from the 132 homes taken to auction the previous week ending 19 January 2025 and the 192 auctions held over the same period last year.
Melbourne’s preliminary clearance rate came in at 64.8 per cent last week, yet CoreLogic noted that the final clearance rate will likely be revised lower as the city’s remaining results are collected.
While Melbourne saw an increase in auction volume, Sydney did not see the same level of activity.
In total Sydney hosted 64 auctions last week and recorded a preliminary clearance rate of 59.5 per cent, marking a slight increase from the 55 auctions held the previous week.
Although Sydney’s auction volume marked a slight increase, the auction market still fell short from the 83 homes that went under the hammer one year prior.
Across the smaller capital cities, Adelaide hosted the most auctions, with 69 homes being auctioned off during the week ending 26 January.
Of the 46 auction results collected in Adelaide so far, 76.1 per cent have been successful.
Brisbane hosted 61 auctions last week and returned an early clearance rate of 55.3 per cent.
In Perth, the city recorded a total of eight auctions, compared to three auctions recorded at the same period last year. Out of the city’s eight auctions, two were reported as successfully sold.
Across Tasmania, the one property taken to auction was successfully sold.
Looking ahead, CoreLogic reported that the number of homes taken to auction is set to rise over the coming weeks, with around 1,300 auctions currently scheduled across the combined capitals this week.