Auction Activity Takes a Back Seat to Grand Finals and Long Weekend Festivities
The combined capital cities saw significantly fewer auctions this week, with a total of 953 auctions held; the lower activity a result of most states being host to a long weekend as well as both the AFL and NRL grand finals taking place. Despite lower auction volumes, clearance rates held firm, returning a preliminary result of 69.4 per cent, rising from the 66.2 per cent last week when final results saw volumes reach their highest level since May this year (2,782). Melbourne was the main driver of the strong clearance, with a preliminary result just under 90 per cent. Over the same week last year, activity was equally subdued, with 872 auctions held and 75.8 per cent successful. Brisbane was the only capital city to see a rise in volumes week-on-week.
Melbourne saw the most significant drop in volumes this week, with only 118 auctions held. With such a low volume of auctions held, the preliminary auction clearance rate bounced higher to reach 89.4 per cent, rising on last week’s 70.6 per cent across a much higher 1,361 auctions. While one year ago, 114 auctions were held and an 87.2 per cent clearance rate were recorded. The busiest sub-region this week was Melbourne’s West, despite the grand finals slowdown the region recorded a preliminary auction clearance rate of 92.0 per cent across the highest volume of auctions (32).
In Sydney, 597 auctions were held this week, down from 1,033 over the previous week, however higher than the 530 auctions held over the corresponding week last year. The preliminary clearance rate of 69.1 per cent is up from the 65.9 per cent last week, and lower than the 82.5 per cent one year ago. Across the Sydney sub-regions, the Northern Beaches region recorded the highest rate of clearance with 87.0 per cent of the 64 auctions clearing, while the Northern Sydney and Hornsby region held the most auctions (79).
Brisbane’s preliminary auction clearance rate this week was 48.3 per cent, down slightly from 48.7 per cent the week prior. Auction volumes increased week-on-week, with 140 auctions held, up from the 126 last week and higher than the 115 one year ago when 43.8 per cent cleared. Across the Gold Coast, 25.9 per cent of the 27 reported auctions were successful.
A total of 40 Adelaide homes were taken to auction this week, recording a preliminary auction clearance rate of 79.3 per cent across 29 results, up from 75.7 per cent over the same week last year when 45 auctions were held across the city.
In Perth, only 13 auctions were held this week, recording a preliminary clearance rate of 75.0 per cent across 8 results, which is higher than both last week’s result (28.2 per cent) and the clearance rate from one year ago (45.5 per cent), however volumes were lower this week.
Across Canberra a total of 44 auctions were held this week, compared to 86 last week and 49 at the same time last year. Canberra’s preliminary clearance rate of 75.7 per cent is higher than it was the previous week (67.9 per cent).
Tasmania saw 1 auction take place this week, which sold.