The combined capital city preliminary auction clearance rate improved this week as volumes rose. There were 1,134 homes taken to auction, up from the 1,084 auctions held last week. Of the 878 results collected so far, 72.4% were successful, higher than last week’s preliminary figure of 71.5%, which by final collection on Wednesday revised down to 66.4%. Over the same week last year, a final clearance rate of 72.1% was reported across a higher 1,955 auctions.
Capital City Auction Statistics (Preliminary)
Melbourne saw a substantial increase in scheduled volumes this week, with 188 homes taken to auction, up on the 59 auctions last week and the largest number of auctions in two months. Of the 143 results collected so far, 93 were successful and 14 were withdrawn, equating to a preliminary clearance rate of 65% and a withdrawal rate of 10%. Of the sold results collected, 27% sold prior to the scheduled auction event, which was much lower than the recent trend where a high proportion of auctions have been selling prior to the auction being held rather than under the hammer. One year ago, 915 Melbourne homes were auctioned with 73.3% selling.
Weekly Clearance Rate, Combined Capital Cities
Sydney continues to make up over 60% of all auction activity. Although volumes were lower over the week, with 707 homes taken to auction down from the 751 held over the week prior. Of the 560 results collected a preliminary clearance rate of 75.9% was achieved. Last week, Sydney’s final clearance rate came in at 67.2% and this time last year a final auction clearance rate of 79.2% across 727 auctions was recorded.
Across the smaller markets, Canberra recorded the highest preliminary clearance rate of 85.7%, followed by Adelaide (70.6%), Perth (55%) and Brisbane (54.7%).