By Caitlin Fono, Analyst, Cotality (Formerly CoreLogic)

Both the volume of auctions and the early success rate slipped lower last week, with the number of auctions down 6.7% from the previous week and the preliminary clearance rate falling below the 70% mark for the first time in 24 weeks.

There were 2,988 homes taken to auction across the combined capitals last week, with most of the capitals hosting fewer auction events compared to the previous week. The volume of auctions is set to bounce back to around 3,440 this week. If they all proceed, this week is shaping up to be the biggest week of auctions since the last week of March in 2024.

The combined capitals preliminary clearance rate has been easing since early September, but up until now, has held above the 70% mark. Last week saw the early clearance rate reduce to 69.2%, the lowest since the week ending June 8th earlier this year.

Melbourne hosted 1,383 auctions last week, a 4.7% decline from the previous week. The volume of auctions is set to rebound this week with around 1,550 homes currently scheduled to go under the hammer. The preliminary clearance rate reduced to 69.7%, the lowest since the Melbourne Cup Racing Carnival weekend.

1,136 homes went to auction in Sydney, a 7.9% reduction relative to the week prior. The preliminary clearance rate eased back to 68.5%, a 2.3 percentage point reduction from the week prior and the lowest early clearance rate in four weeks.

Brisbane hosted 183 auctions last week, a 14.3% drop in activity compared with the previous week. The preliminary clearance rate was down 3.4 percentage points over the week, reaching 68.4%, the lowest in eight weeks.

146 homes went to auction in Adelaide, 6.4% lower than the previous week, but the preliminary clearance rate was up 4.9 percentage points to 72.6%.

124 auctions were held across the ACT, 10.1% fewer than the week prior. The preliminary clearance rate bounced higher, up 8.5 percentage points to reach 67.8%.

Of the 16 auctions held in Perth last week, 58.3% have so far reported a positive result, while no auctions were held in Tasmania.