There were 1,456 auctions held across the combined capital cities this week, significantly lower than the 3,026 held last week, however higher than the 1,197 auctions held one year ago. The fall in auction volumes this week is likely due to the fact that four of the eight states and territories have a public holiday this coming Monday.
The preliminary auction clearance rate across the combined capital cities rose to 74.8% this week, up from the final 73.9% last week. Over the same week last year, the clearance rate was recorded at a much lower 47.8%.
As auction volumes fell across Melbourne this week, so too did the clearance rate with 68.6% of the 404 auctions held reporting a successful result, down significantly from last week’s final result of 74.8% across 1,612 auctions.
In Sydney, 811 homes were taken to auction returning a preliminary auction clearance rate of 82.6%, up on last week’s final clearance rate of 76.6% across a higher 1,087 auctions.
Across the smaller auction markets, Canberra came in with a 66.7% success rate last week, making it the highest preliminary result across the smaller cities, followed by Adelaide (63.8%), Perth (58.3%) and Brisbane (53.2%).