CoreLogic released its final auction results for last weekend, with a clearance rate of 68.8% across the combined capital cities, down -1.5 percentage points from the previous week (70.3%).
This came off a big lift in auction volumes. Last weekend saw 2,091 homes taken to auction across the combined capital cities, up from 1,642 over the previous week and 1,846 this time last year.
Source: CoreLogic
There were 997 homes auctioned in Melbourne last weekend, up from 664 the previous week and 814 this time last year.
Despite increased volumes, Melbourne’s final clearance rate was 66.2%, only 70 basis points lower than the previous week (66.9%). At this time last year, 65.6% of auctions were successful.
In Sydney, 691 auctions were held last week, up from 647 the week before and 686 this time last year.
Sydney’s final clearance rate remained above 70% for the third consecutive week, with 74.2% recorded last weekend, compared to 75.4% the previous week and 71.9% this time last year.
The next chart plots Sydney’s final auction clearance rate against month end price growth:
The strong rebound in auction clearances points to stronger price growth.
The same can be said for Melbourne; although the auction rebound has been softer:
Indeed, CoreLogic’s daily dwelling values index shows that price growth has firmed across both cities in February:
There are 2,840 homes set to go under the hammer across the combined capital cities this weekend, up 35.8% over the previous week (2,091) and 16.9% higher than this time last year.
In Sydney, 1,039 homes are set to be auctioned this week, up 50.4% from last week (691) and 21.0% from the same week last year (859). This is Sydney’s busiest auction week since December 10, 2023 (1,072).
Melbourne is expected to host the most auctions this weekend, with 1,405 houses scheduled for auction, up 40.9% week on week (997) and up significantly from last year (1,161). Melbourne will experience its busiest auction week since December 10, 2023 (1,415), similar to Sydney.
Source: CoreLogic
It will be interesting to see whether the deluge of auctions dampens price growth, especially in Melbourne.
