This week 1,909 homes were taken to auction across the combined capital cities, increasing from 1,684 over the previous week. Auction volumes have slowly started to increase over the last couple of weeks however current volumes remain lower than this time last year when 2,270 auctions were held. Through winter, the number of homes taken to auction has been tracking roughly 20% lower than a year ago, highlighting a substantial weakening in vendor confidence driven by the softer housing market conditions and consistently lower clearance rates.
Preliminary results show a clearance rate of 57.9 per cent this week, increasing from last week’s final clearance rate of 53.3 per cent, although this will revise as the remaining results are collected. Over the same week last year the final clearance rate was recorded at 68.3 per cent.
Auction results by property type
Looking at results by property type, units outperformed houses once again this week with 60.9 per cent of units selling at auction, while 56.7 per cent of houses sold across the combined capital cities.
In Melbourne, a preliminary auction clearance rate of 58.6 per cent was recorded across 898 auctions this week, while last week there were 860 auctions returning a final clearance rate of 54.0 per cent. This time last year, 1,124 auctions were held across the city, returning a clearance rate of 72.3 per cent.
There were 717 auctions held in Sydney this week returning a preliminary clearance rate of 59.1 per cent. In comparison, there were 572 auctions held over the previous week and the final auction clearance rate was 51.9 per cent. One year ago, 832 auctions were held and the clearance rate came in at 67.4 per cent.