There were 2,041 capital city homes taken to auction this week and of the 1,642 results collected so far, a 78.5% preliminary auction clearance rate was recorded. Both volumes and clearance rates are down on last week’s figure when 2,467 properties were auctioned across the capital cities and the preliminary auction clearance rate was 80.5%, later revising down to 78.6% by final collection on Wednesday. One year ago, a lower 413 auctions took place, as the ongoing restrictions banning onsite auctions and inspections impeded on activity over this period with only 41.1% of homes selling.
Capital City Auction Statistics (Preliminary)
Looking at results by property type, houses have outperformed units throughout the year, recording final clearance rates above 80% for consecutive weeks. This is the first week where the preliminary figure for houses has dipped below 80% with 79.6% of houses recording a sold result compared to the 74.7% units that have sold this week.
Weekly Clearance Rate, Combined Capital Cities
In Melbourne, auction volumes fell with 925 properties going under the hammer last week. Of the 770 results collected so far, 76.1% were successful results. Compared to last week, a higher 1,221 auctions were held, recording a preliminary auction clearance rate of 78.1%, later revising down to a final auction clearance rate of 77.3% by final collection on Wednesday. Over the same week a year earlier, only 144 Melbourne auctions took place with a final clearance rate of 27.9%.
Sydney recorded a preliminary auction clearance rate of 82.1% this week across 777 auctions. This was lower than last week’s preliminary figure of 84.8%, which later revised down to 81.5% at final results. Last week a higher 919 Sydney homes were taken to auction. One year ago, 192 auctions were held and a 50.9% final clearance rate was recorded.
Canberra was once again the stand out capital city auction market, recording a preliminary auction clearance rate of 97.7% this week. Brisbane recorded the second highest preliminary figure of the smaller capital cities at 76.2%.