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Australia’s property market saw a significant increase in auction activity last week during the second consecutive week of national public holidays, despite volumes remaining lower year-on-year.
The latest Property Market Summary from Cotality showed that nationwide, 1,080 homes were taken to auction across the combined capitals in the week ending 27 April.
The numbers showed a rise from the 644 homes that went to auction last week.
This week’s figure represents a decline in auction volumes compared to the same period last year, when 1,964 auctions took place across the combined capitals.
Cotality said the recent decline in activity were due to the back-to-back long weekends of Easter and Anzac Day, which have impacted the scheduling of auction events.
As a result, the preliminary clearance rate across the country dropped to 64.2 per cent, down from 64.7 per cent the previous week, the lowest recorded rate since mid-December 2024.
Since the week ending 23 February, the trend in auction clearance rates has been steadily declining, with the preliminary clearance rate at 72.1 per cent, following the 25-basis point interest rate cut on 19 February.
Last week, Melbourne emerged as the busiest auction market, with 472 homes going under the hammer.
Melbourne’s preliminary clearance rate last week jumped to 67.6 per cent, up from 61.1 per cent.
Sydney followed closely with 398 homes taken to auction, recording a preliminary clearance rate of 66.2 per cent, down from 67.9 per cent the previous week.
Brisbane hosted 98 auctions, recording the highest number across the smaller capitals last week.
However, Brisbane’s preliminary clearance rate plummeted to 47.1 per cent, the lowest since the week ending 30 April 2023, when it was just 43 per cent.
Adelaide saw 76 homes taken to auction with 61.1 per cent resulting in a sale, the second-lowest preliminary clearance rate this year, following the week ending 23 March, which saw 60.8 per cent.
Of the 31 auctions in the ACT this week, only a dismal preliminary success rate of 45.8 per cent was recorded, marking the weakest result of any capital city.
Of the four homes auctioned in Perth, results for three have been revealed, with all three successfully sold.
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