There were 1,654 homes taken to auction across the combined capital cities coming into the first week of Winter, down from the 2,055 homes auctioned last week. The lower volumes saw the preliminary auction clearance rate rise to 61.5 per cent after last week’s 57.7 per cent final clearance rate, which was the highest final weighted average result in over 12 months. Over the same week one year ago, a higher 2,281 homes were auctioned, 54.1 per cent of which sold.
The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise this week; both coming in at the mid- 60 per cent mark, however volumes were lower week on week. Melbourne returned a 64 per cent preliminary auction clearance rate across 733 auctions, after last week’s final clearance rate fell just short of 60 per cent (59.6 per cent).
A 66.1 per cent preliminary clearance rate was recorded across Sydney this week, making it the best performing capital city according to preliminary results, this comes off the back of last week’s 62.1 per cent final clearance rate which was the highest the city has seen in over a year. There were fewer homes taken to auction across Sydney this week with 674 auction held, down from the week prior when 707 auctions took place.
The remaining auction markets all saw a lower volume of auctions take place week on week. Perth returned the highest preliminary result of 55.6 per cent, there was however only 26 homes taken to auction across the city last week.