There were 2,614 homes taken to auction over the week, down from the previous week when 2,749 auctions were held, and lower than this week last year when 3,371 auctions were held across the combined capital cities.
Preliminary results show a clearance rate of 45.3 per cent this week, increasing from last week’s final clearance rate of 41.3 per cent. One year ago, a clearance rate of 59.5 per cent was recorded. As final results are collected we will see the clearance rate revise down below 45 per cent for the sixth consecutive week.
Melbourne was host to 1,283 auctions this week with preliminary results showing a clearance rate of 46.1 per cent, increasing from last week when the final clearance rate was a lower 42.7 per cent across 1,378 auctions. Over the same week last year, the auction clearance rate was significantly higher with 65.4 per cent of the 1,833 auctions returning a successful result.
There were 853 auctions held in Sydney this week with preliminary results showing a 48.1 per cent clearance rate, up from 41.6 per cent across a higher volume of auctions last week (937), although as usual this will revise lower as final results are collected. Over the same week last year 1,007 homes were taken to auction across the city returning a clearance rate of 52 per cent.
Across the smaller auction markets, Canberra and Tasmania were the only places to see auction volumes fall week-on-week.
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.