The property market is witnessing a significant uptick in auction activity, with a notable increase in the number of homes being auctioned, CoreLogic reported.
Last week, the combined capital cities saw 1,712 properties go under the hammer, marking a considerable rise from 1,390 auctions the previous week.
This figure also surpassed the count from the same week last year, which recorded 1,642 auctions.
CoreLogic predicted that auction volumes will continue to escalate, estimating around 1,750 auctions this week and a substantial leap to approximately 2,450 next week.
The preliminary clearance rate in these cities has climbed to 67.4%, matching the highest early result observed since October of the previous year.
This increase from previous weeks suggests a potential market recovery and growing buyer-seller alignment.
Although these rates are subject to slight adjustments upon finalisation, the current trend indicates improved selling conditions possibly linked to anticipated interest rate cuts, CoreLogic said.
Melbourne led the charge with the highest number of auctions – 685 homes were auctioned, achieving a preliminary clearance rate of 68.4%, the best performance so far this year.
Sydney followed, with auction volumes rising from 453 to 642, and achieving a preliminary clearance rate of 73.0%, the highest since last September.
In Brisbane, 211 homes were auctioned, though the clearance rate dipped to 50.7%, reflecting a decrease from previous weeks.
Adelaide hosted 102 auctions, where the preliminary clearance rate improved to 63.3%, slightly higher than the prior week’s revised rate of 65.3%.
Canberra saw 62 homes go to auction, with a preliminary success rate of 64.1%, a decrease from the previous week’s revised final rate of 57.7%.
As auction volumes grow, the property market is showing signs of vitality, moving past the seasonal slump.
The improving clearance rates across the combined capitals highlight a healthier market, potentially buoyed by the prospect of easing interest rates. This positive trend is expected to continue, reflecting a renewed confidence among buyers and sellers alike.
Recent data from REIWA forecasts a revival in auction popularity for 2025, despite the recent preference for quicker private treaty sales due to their fast turnaround.
The trend shows auctions catching up in efficiency, with the gap between auction and private treaty sales times narrowing significantly, indicating auctions may become the preferred selling method by late 2025.
