There were 1,444 homes taken to auction across the combined capital cities over the week, increasing from the previous week when 928 auctions were held, although lower than this week last year when 1,992 auctions were held. Preliminary results show a clearance rate of 55.2 per cent this week, although as usual this will revise over the week as remaining results are collected. Last week’s final clearance rate came in at 51.1 cent across the combined capitals, the first time we have seen the final clearance rate hold above 50 per cent since September 2018 however keep in mind that volumes are still relatively low. One year ago, a clearance rate of 66.1 per cent was recorded.
Melbourne was host to 657 auctions this week with preliminary results showing a clearance rate of 54.2 per cent, increasing from last week when the final clearance rate was recorded at 52.4 per cent across 350 auctions. Over the same week last year, the auction clearance rate was significantly higher with 69.8 per cent of the 932 auctions returning a successful result.
There were 521 auctions held in Sydney this week with preliminary results showing a 61.0 per cent clearance rate, up from 54.0 per cent across 322 auctions last week. Over the same week last year 737 homes were taken to auction across the city returning a clearance rate of 67.8 per cent.
Across the smaller auction markets, Brisbane 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.