There were 2,268 homes taken to auction across the combined capital cities this week, increasing from 1,976 over the previous week and 1,915 over the same week last year. This was the last week of auctions before the Easter weekend slowdown and while volumes have increased week-on-week, they are significantly lower than the week prior to Easter 2018 when 3,990 homes were taken to auction; the busiest week for auctions on record.
Although the number of auctions remain well below the week prior to Easter last year, the number of auctions held was the second highest so far this year.
Preliminary results show an auction clearance rate of 58.2 per cent across the combined capitals, although keep in mind that this will revise lower as the remaining results are collected. The previous week saw the final clearance rate hold above 50 per cent for the 4th consecutive week (52.6 per cent), while this week last year the clearance rate was recorded at 61.7 per cent.
In Melbourne, 939 homes were taken to auction this week, increasing from both the previous week (892) and this week last year (873). In comparison, the week prior to Easter 2018 saw 2,071 homes taken to auction across the city. The preliminary auction clearance rate came in at 54.9 per cent this week, down from 55.4 per cent over the previous week and 62.4 per cent this time last year.
Sydney was host to 927 auctions this week with preliminary results returning a 62.9 per cent clearance rate across 577 results. Over the previous week, 742 auctions were held across the city and a final clearance rate of 54.9 per cent was recorded. This time last year, 61.5 per cent of the 795 Sydney homes auctioned were successful. The week prior to Easter 2018 saw 1,383 homes taken to auction across the city.
Across the smaller auction markets, Perth was the only city to see a fall in auction volumes week-on-week. Year-on-year all capital cities saw an increase in auction volumes except Canberra where auction volumes were unchanged.