The auction market has picked up pace with a 13% increase in the number of properties being offered under the hammer last week.

The clearance rate for the combined capital cities is 67.4%, according to CoreLogic data, the highest level since October 2024. Of the 1712 auctions last weekend, Sydney’s clearance rate was (73%) followed by Melbourne (68.4%).

The results show an interesting shuffling of the leaderboard, which for the last six months of 2024 was dominated by the smaller capital cities and generally led by Adelaide. Last week Canberra’s clearance rate was 64.1%, Adelaide, 63.3% and Brisbane, 50.7%.

CoreLogic, Executive Research Director, Tim Lawless says the volume of auctions is set to ramp up further over the coming weeks, with activity historically peaking the week prior to the Easter long weekend. Lawless says the early trend is showing an improvement in selling conditions, which might reflect some renewed confidence as buyers begin to think the likelihood of an interest rate cut is improving.