This week, as auction volumes increased across the combined capital cities, so too did the clearance rate.
There were 1,262 homes scheduled for auction this week returning a preliminary auction clearance rate of 66.1%. This was up from the 63.3% preliminary clearance rate last week across 1,181 auctions, which later revised down to 59.3% at final figures.
Both Melbourne and Sydney’s preliminary clearance rate came in above the mid 60% mark this week.
There were 564 Melbourne homes scheduled for auction this week, increasing on the 471 auctions last week. The city returned a preliminary success rate of 65.8%, rising on last week preliminary result of 61%, which by final result came in at 56.3%. Last year, the city returned both a higher success rate and higher volumes (635 auctions – 68.9%).
Sydney’s preliminary figures show that 68.5% of homes sold at auction this week, up on the 67.3% preliminary figure last week, which later came in at 63.7% by final results. This week’s improved Sydney clearance rate was across a slightly lower volume of auctions over the week, with 526 scheduled from 545 the previous week. One year ago, 558 Sydney homes were taken to auction returning a final clearance rate of 60.9%.
Across the smaller auction markets performance was mixed. Canberra continued to have the highest clearance rate of the capital city markets, which is a trend seen over the previous 4 weeks. The preliminary clearance rate across Canberra for the week ending 21st of June was above 70%. While only 20% of Perth auctions recorded a successful result.