There were 1,591 homes taken to auction across the combined capital cities this week, up from 1,423 over the previous week and 816 this time last year. Of the 1,207 results collected so far, 72.3 per cent were successful. The previous week saw a preliminary auction clearance rate of 67.3 per cent, which revised up to 67.7 per cent at final figures, while this time last year, 63.0 per cent of auctions were successful.
Capital City Auction Statistics (Preliminary)
In Melbourne, 510 homes were taken to auction this week, down -7.9 per cent from the 554 originally scheduled. Over the previous week, 430 auctions were held across the city, while this week last year just 13 auctions were held. Of the 320 results collected so far, 42.5 per cent were withdrawn, and a preliminary auction clearance rate of 54.4 per cent was recorded. Of the 174 sold results, 50.6 per cent were sold prior to the scheduled auction date. In comparison, 52.9 per cent of reported auctions were withdrawn over the previous week and a final auction clearance rate of 43.8 per cent was recorded. The 54.4 per cent preliminary auction clearance rate recorded this week is the highest preliminary clearance rate Melbourne has seen since mid-august, and can be attributed to a lower withdrawal rate.
Weekly Clearance Rate, Combined Capital Cities
There were 668 auctions held in Sydney this week, compared to 607 over the previous week and 600 over the same week last year. Of the 593 results collected so far, 83.8 per cent were successful, making it the 7th consecutive week where the city has recorded a preliminary auction clearance rate above 80.0 per cent. Of the 497 sold results, 52.7 per cent were sold prior to the scheduled auction date. Last week, Sydney’s preliminary auction clearance rate was slightly higher (84.0 per cent), revising down to 81.2 per cent at final figures.
Across the smaller auction markets, Adelaide was the best performing this week with a preliminary auction clearance rate of 88.1 per cent, followed by Canberra (69.4 per cent), Brisbane (68.1 per cent), and Perth (63.6 per cent). There were only 2 auctions recorded in Tasmania this week and they were both sold prior to auction.