Auction activity ramped up this week with a total of 2,537 homes taken to auction across the combined capital cities, rising on the 2,085 auctions held last week, however lower than the 2,804 held over the same week last year. The preliminary clearance rate dipped from 75.1% last week to 74.6% this week. By final figures last week the combined capital city clearance rate fell to 69.9%, so it’s likely this week’s final result may be slightly below this.
Capital City Auction Statistics (Preliminary)
Over 1,000 homes were taken to auction across both Melbourne and Sydney over the week, the busiest week the cities have seen since early April.
Melbourne saw the preliminary auction clearance rate remain stable under higher auction volumes, with 73.5% of homes selling after a virtually unchanged 73.6% preliminary result last week, which later revised down 67.7% at final collection. There were 1,131 properties auctioned across the city over the week, up from the 899 the week prior, although lower than the 1,405 auctions held one year ago.
Weekly Clearance Rate, Combined Capital Cities
Sydney was host to 1,006 auctions this week, up from last week when 867 auctions were held, but higher than the 875 auctions one year ago. A preliminary auction clearance rate of 76.5% was achieved this week, down on the 80.1% preliminary figure last week which later revised down to 74.1% at final result. Across the smaller markets, Canberra recorded the highest preliminary clearance rate of 87.2% across 113 auctions, followed by Adelaide with a preliminary clearance rate of 76.1% across 96 results.
Typically auction markets would be winding down after the second week of December, however this year auction activity is set to remain high leading into the festive period, with CoreLogic expecting around 2,300 auctions to be held over the coming week.