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While auction volumes surged to a year-high in the week ending 2 March 2025, the preliminary clearance rate across the combined capitals did not experience the same growth.
CoreLogic’s latest Property Market Indicator Summary showed that nationwide, 2,773 properties were auctioned off in the week ending 2 March 2025.
This activity marks the highest volume of actions so far this year, representing a 4.1 per cent increase from the 2,751 homes taken to auction the week ending 23 February 2025.
Despite this increased activity, the preliminary clearance rate slightly decreased last week, registering at 69.9 per cent across the combined capitals, after holding above 70 per cent over the past two weeks.
Even though Melbourne was the busiest auction market for the week ending 2 March 2025, with 1,376 auctions going under the hammer, this represented a decrease from the 1,437 homes taken to auction the previous week ending 23 February 2025.
Melbourne’s preliminary clearance rate came in at 70.3 per cent, which was down from the 72.1 per cent recorded during the week ending 23 February 2025.
Sydney hosted 981 auctions last week and recorded a preliminary clearance rate of 71.4 per cent, marking a decrease from the early rate of 74.4 per cent recorded a week earlier.
Even though the major auction markets of Sydney and Melbourne maintained a preliminary clearance rate above 70 per cent, CoreLogic noted that last week’s success rate in both cities was down slightly compared to the previous couple of weeks.
Brisbane hosted the most auctions across the less populous cities last week, but recorded the lowest preliminary clearance rate of 55 per cent off the top 185 auctions.
Adelaide hosted 140 auctions last week and returned a strong early clearance rate of 77.9 per cent.
Of the 77 homes taken to market across the ACT, 71.1 per cent have returned a positive result so far.
Conversely, out of the 11 homes taken to auction in Perth, the results of three auctions have been revealed, in which only one house was successfully sold.
In Tasmania, three homes were taken to auction, with the outcome of one auction not yet revealed, and one house having been successfully sold.
CoreLogic revealed that auction numbers are set to dip to around 1,580 during the week ending 9 March 2025, which is largely due to the upcoming Labour Day long weekend in Victoria.
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