Clearance rates remain well below year-ago levels despite a marginal weekly improvement
Capital city auction activity rose 18.8% last week, with 2,328 homes going under the hammer compared with 1,960 the previous week, according to data analytics firm Cotality.
The volume increase was concentrated in the larger markets. Sydney recorded 805 auctions, up 30% from 619, while Melbourne rose 14.5% to 1,051 from 918. Canberra nearly doubled its activity, moving from 69 to 130 auctions. Brisbane posted a modest rise to 194 from 181. Adelaide eased to 135 from 148, and Perth fell to 13 from 25.
The weighted average clearance rate edged up to 51.2%, from 50.4% the prior week. Sydney was the primary driver, with its clearance rate lifting 6.2 percentage points to 49.3%. Perth rose to 46.2% from 40%. Brisbane's rate declined to 42.8% from 49.7%, and Melbourne dipped slightly to 53.3% from 54.4%. Adelaide held broadly steady at 62.2%, down marginally from 62.8%.
"This is a notable outcome, as a sharp lift in supply would often place downward pressure on clearance rates," said Annabelle Mezieres, economist at Cotality.
Weekly clearance rate, combined capital cities 
Source: Cotality
On a year-on-year basis, conditions are softer. National auction volumes were 5.4% below the 2,460 held in the equivalent week last year, with Melbourne accounting for most of the decline at 14.1% below year-ago levels. Sydney volumes were broadly in line with last year, and Adelaide, Canberra, and Brisbane remained within reasonable range of prior-year figures.
The more marked shift is in clearance rates. The weighted average of 51.2% sits 13.9 percentage points below the 65.1% recorded in the same week last year. Sydney is down 18 percentage points year-on-year (49.3% versus 67.3%), and Melbourne is down 12.7 percentage points (53.3% versus 66%). Canberra and Brisbane are also tracking well below year-ago levels, at 46.9% versus 62.5% and 42.8% versus 56.6%, respectively. Adelaide and Perth are the exceptions, sitting modestly above last year's results — 62.2% versus 61.3% for Adelaide, and 46.2% versus 44.4% for Perth.
Looking ahead, 2,707 capital city auctions are scheduled for the coming week, a 16.3% increase on the prior week. Sydney is forecast to rise 33.9% to 1,078, and Melbourne to climb 14.1% to 1,199. Together, the two cities account for approximately 84% of scheduled capital city auction activity. Brisbane has 205 auctions scheduled, Adelaide 134, and Canberra 79 — a notable pullback from 130 the previous week. Perth is scheduled for 11 auctions, with one in Tasmania.
Scheduled volumes for what will be the final week of autumn are approximately 7.2% below the 2,918 auctions held in the same period last year. Melbourne's scheduled volumes are around 20.9% below the 1,516 held in the equivalent week last year, while Sydney is broadly in line with year-ago levels (1,078 versus 1,057).
Activity is expected to fall sharply in the week ending 7 June, with 1,228 capital city auctions currently scheduled — a decline of around 54.6%. The King's Birthday long weekend across most states typically prompts vendors and buyers to step back from the auction market.
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