Auction activity across Australia’s capital cities plummeted last week due to the King’s Birthday long weekend, with just 1,397 homes taken to auction – a sharp 52.1% fall from 2,918 auctions the previous week, according to the latest figures from Cotality.
Compared to this time last year, auction volumes were slightly higher – 1,317 auctions were held across the combined capitals during the same week in 2023.
The reduction in volume was accompanied by a significant dip in the preliminary auction clearance rate, which dropped to 63.8% – the lowest result recorded so far in 2024.
This result stands in contrast to the stronger performance seen in the previous two weeks, where the early clearance rate held at or above 70%.
Sydney, where median house prices are accelerating toward $2 million amid renewed national momentum, was the biggest drag on the national result, with its preliminary clearance rate falling to 59.9%, Cotality figures showed.
Outside of the typically quiet January period, this marks Sydney’s lowest preliminary success rate of the year to date.
“The weak early success rate disrupts the recent strengthening trend seen across Sydney’s auction market, so it will be interesting to see if the clearance rate revises higher once collection is finalised, or if the trend recovers after the long weekend,” Cotality said.
Despite a dip, Melbourne, which led capital cities in May price growth, maintained stronger auction conditions last week. The city’s preliminary clearance rate came in at 71.5%.
This marks the sixth consecutive week where Melbourne’s early clearance rate has exceeded 70%, although it is the lowest preliminary result since the final week of April.
Brisbane, where house prices have softened amid stronger regional growth, led the smaller auction markets in terms of volume, with 134 homes taken to auction. However, its preliminary clearance rate fell to 58.3% – a six-week low.
In Adelaide, 84 homes went to auction, returning a preliminary clearance rate of 60.3%, a noticeable improvement from 55.4% the week before.
The ACT saw 51 auctions last week, with a preliminary clearance rate of 54.5%.
Perth, where the property market is undergoing a major transformation as rising prices reshape home buyer behaviour across both luxury and entry-level segments, reported results for six of the seven auctions held, with five proving successful.
No auctions were held in Tasmania during the long weekend period.
