Across the combined capitals, 3,276 homes were taken to auction this week. This is down from the previous week (3,546) but overtakes the week prior as the third busiest of the year. With auction volumes remaining high, the clearance rate has declined steadily over the past few weeks. With 2,620 auction results recorded, this week the combined capitals returned a preliminary clearance rate of 76.1%, down from its recent peak of 83.2% week ending 3 October. The previous week reported a preliminary clearance rate of 78.9% which was revised down to 76.8% at final figures. This time last year 69.0% of the 1,757 auctions held were successful.
Capital City Auction Statistics (Preliminary)
In Melbourne, 1,395 homes were taken to auction this week, down from 1,752 auctions held in the previous week but up from the 611 auctions that occurred this time last year. With 1,127 results recorded so far, Melbourne reported its lowest preliminary clearance rate since mid-September, with just 72.0% of auctions recording a successful result. The previous week reported a preliminary clearance rate of 77.4%, which was revised down to 75.2% at final figures. This time last year, 68.0% of auctions were successful.
Weekly clearance rate, combined capital cities
Sydney had its busiest auction week since March and its second busiest of the year with 1,228 homes going to auction this week. The previous week saw 1,151 homes taken to auction, while this time last year 851 auctions occurred. With 1,046 results recorded so far, Sydney recorded a preliminary clearance rate of 75.9%. The previous week saw a preliminary clearance rate of 79.3%, which revised down to 76.6% at final figures, while this time last year 73.3% of reported auctions were successful.
Capital City Auction Statistics (Preliminary)
Since restrictions lifted across Sydney on the 11th of October, Sydney’s weekly auction volumes have increased by nearly 50%. Over the same period, clearance rates have steadily declined, and the withdrawal rate has risen. As pent up supply continues to flow to the market these metrics will likely continue to decline.
Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate at 91.4%, followed by Adelaide (85.8%) and Brisbane (84.7%). Perth recorded a preliminary clearance rate of 50% with just 8 of the 16 results collected so far reporting a successful result. Of the five auctions scheduled to be held across Tasmania this week, four results have been collected, three of which were successful.
Sub-region auction statistics (preliminary)
CoreLogic Australia