There were 1,160 homes taken to auction across the combined capital cities this week, similar to the previous week when 1,154 auctions were held, and slightly higher than this time last year (1,111). The combined capital city preliminary auction clearance rate was recorded at 65.9 per cent across 882 auction results so far this week, slightly higher than last week’s preliminary result of 65.3 per cent, which later revised down to 58.7 per cent. This time last year saw a final clearance rate of 67.8 per cent.
In Melbourne, 298 homes were scheduled for auction this week, down from 357 over the previous week and 500 this time last year. The number of auctions held across Melbourne has reduced sharply through the lockdown period, but withdrawal rates have been much lower relative to the previous lockdown period in April and early May earlier this year. The preliminary collection indicates only 18% of Melbourne auctions were withdrawn from the market this week, compared with a peak of 65% through the second week of April. Of the 244 auction results collected so far, 73.0 per cent were successful, although this will likely revise lower as the remaining auction results are collected. Last week saw a final clearance rate of 55.1 per cent recorded across the city, while this time last year, 72.3 per cent of Melbourne auctions were successful.
Sydney was host to 642 auctions this week, up from 566 over the previous week and 367 this time last year. Of the 483 auction results collected so far, 65.8 per cent have returned a successful result. Last week, a final clearance rate of 60.7 per cent was recorded, while one year ago, a success rate of 76.2 per cent was achieved across Sydney.
Across the smaller cities, Canberra came in with the highest preliminary clearance rate over the week (73.2 per cent), followed by Adelaide (71.4 per cent).