Auction volumes reach 2-year high

CoreLogic has revealed that 3,356 homes were put up for auction last week in the combined capital cities, the second largest volume in two years behind the week ending 29 October 2023*.

According to the property data and analytics company, the bump in volumes came as vendors looked to sell their properties before the Easter public holidays (starting on Friday), when many potential buyers may be away on holiday.

Last week’s auctions were markedly up from the 2,834 auctions held the week prior and the 2,303 held this time last year.

In fact, CoreLogic noted that the last time the volume of auctions had been this high around Easter was two years ago, in the week prior to Easter 2022. At that time, 4,035 homes were taken to auction. (Only 2,687 auctions took place in the week prior to Easter last year).

Caitlin Fono, research analyst at CoreLogic Australia, commented: “As well as seasonal effects, auction numbers may have seen a boost from stronger capital growth performance and higher auction clearance rates through the start of 2024, compared to what was observed in the final months of 2023.”

Melbourne had the most auctions this week, with 1,636 going under the hammer. This was up by around 13 per cent increase on the prior week’s numbers and the busiest auction week for the Victorian capital since the week ended 29 October 2023 (when 1,725 auctions took place). The preliminary clearance rate for Melbourne was 69.4 per cent (the second time the clearance rate has dropped below 70 per cent this year).

There were 1,176 auctions in Sydney, up 34 per cent on the prior week (873) and 48 per cent higher than the same week last year (790). It was the busiest auction week for Sydney since the week prior to Easter 2022 (1,490) and there was a slight improvement in the preliminary clearance rate week-on-week, with success levels rising to 75.9 per cent (for the results collected so far).

Across the smaller capitals, Brisbane (242) and Adelaide (185) saw an increase in auction volumes week on week, while three capital cities had fewer auctions: Canberra, Perth and Hobart.

Fono said: “[This coming] week will see auction volumes drop due to the Easter long weekend, with around 900 capital city homes currently scheduled for auction.

“In comparison, Easter 2023 saw 652 auctions held, while Easter 2022 saw 926 homes taken to auction across the combined capitals.”

*This story was updated on 25 March 2024 to show it was the second-busiest auction week, after receiving new figures from CoreLogic.

[Related: Clearance rates reach 8-month high]