The national preliminary auction clearance rate reached 75.3% last week, marking the highest rate since February 2022.  

New CoreLogic data found that the combined capital cities recorded a third week where the preliminary clearance rate held above 70%.  

It comes as Australia’s housing downturn shows signs of easing, with home values and prices edging slightly higher in recent months. 

Last week, auction activity increased 13% last week, with 1,912 auctions held across the combined capital cities. 

The week prior saw 1,692 homes auctioned, while the same time last year, 1,672 capital city auctions were held.  

Melbourne hosted 834 auctions this week, 12.1% more than the 744 held last week.  

With 696 auction results collected so far, Melbourne’s preliminary clearance rate held above 70% for the sixth consecutive week, at 74.4%.  

Last week’s preliminary clearance rate (75.7%, revised to 70.4% at final figures) was 1.3 percentage points higher.  

Source: CoreLogic

This time last year, Melbourne hosted 712 auctions and reported a clearance rate of 62.2%. 

 There were 762 auctions held across Sydney this week, 17.2% higher than the 650 held last week, and 43.2% above the 532 auctioned this week last year.  

Of the 605 results collected so far, 78.2% were successful, the highest rate across the capitals and Sydney’s second highest preliminary clearance rate this year.  

This marks 10 consecutive weeks where the preliminary clearance rate has held above 70%.  

The previous week’s preliminary clearance rate was 2.0 percentage points lower at 76.2%, revised to 72.3% at final figures, while this time last year, just 58.4% of auctions reported a successful result. 

Across the smaller capital cities, Brisbane was the busiest auction market this week (121), followed by Adelaide (104) and Canberra (72).  

Adelaide has recorded the strongest preliminary clearance rate across the smaller capitals, with 78.0% of auctions reporting a successful result, followed by Canberra (76.9%) and Brisbane (63.4%). 

In Perth, seven of the 13 results so far were successful, while no auctions were scheduled in Tasmania this week.