By Kaytlin Ezzy, Economist, Cotality (Formerly CoreLogic)

2,675 capital city homes were auctioned last week, the highest weekly volume since the first week of June (2,918) and a solid 11.4% rise from week prior (2,402).

The preliminary auction clearance rate also jumped higher, up 3.1 percentage points to 77.9% — the capital's highest early clearance rate since late October 2021 (78.9%).

Melbourne was home to 1,322 auctions last week, overtaking the week prior (1,240) as the city's busiest since the first week of June (1,516). At 78.6%, last week's preliminary clearance rate was Melbourne's highest since the week ending October 24th, 2021 (80.1%).

925 homes went to auction across Sydney last week, up 11.6% from the 829 held the week prior. After easing over the previous two weeks, the preliminary clearance rate rose 3.2 percentage points to 77.9% last week, making it Sydney's fourth highest early success rate so far this year.

Across the smaller capitals, Brisbane recorded the highest volume of auctions, with 174 homes taken under the hammer — the city's 5th highest weekly volume so far this year. Of the 125 results collected so far, 65.6% were successful, down from 74.0% the week prior.

135 auctions were held in Adelaide last week, a 37.8% rise relative to the week prior. 85.5% of auctions have reported a successful result so far, the city's second-highest preliminary clearance rate recorded over the year to date.

Canberra hosted its busiest week since mid-April, with 105 homes auctioned last week. This marked only the third time this year that the city held more than 100 auctions in a week.

Only 11 homes were auctioned across Perth last week, with five reporting successful results so far, while just three auctions were held in Tasmania, all of which were successful. 

Auction activity is set to drop back to around 1,875, this week, with Melbourne scheduled auction numbers set to ease to just under 200 amid the AFL grand final. Across Sydney, however, around 1,300 auctions are scheduled, marking what is likely to be the city's highest weekly volume since the week prior to Easter earlier this year.