Auction Volumes Fall Across the Combined Capitals
There were significantly fewer homes taken to auction across the combined capital cities this week, after last week saw volumes reach a year-to-date high (3,713). There were a total of 2,019 auctions held returning a preliminary auction clearance rate of 66.8 per cent, increasing on last week’s final clearance rate of 64.5 per cent. Over the corresponding week last year, 73.6 per cent of the 2,517 auction held were successful. Melbourne saw the most notable decrease in volumes; the lower volumes a likely result of the upcoming Melbourne cup festivities and coming off the back of the busiest week for auctions ever recorded for the city last week, with only 309 held this week and 77.3 per cent clearing. Sydney’s preliminary auction clearance rate rose this week to 67.4 per cent, after last week’s final auction clearance rate fell to its lowest recorded since January 2016 (58.3 per cent), while volumes remained steady week-on-week. Performance across this remaining capital cities was varied this week, with Perth returning the lowest clearance rate of 30 per cent.
Melbourne’s preliminary auction clearance rate increased to 77.3 per cent this week, from 70.2 per cent last week when volumes across the city reached their highest ever recorded. There were 309 Melbourne homes taken to auction this week, falling significantly from the 1,983 auctions held over the week prior. Over the same week last year, the clearance rate was a lower 76.1 per cent across a higher 927 auctions. Across Melbourne’s sub-regions, the Inner South region was the best performer in terms of clearance rates, with an 88.5 per cent clearance rate across 34 auctions, followed by the Inner region, where 83.9 per cent of the 40 auctions sold.
Across Sydney, a preliminary auction clearance rate of 67.4 per cent was recorded this week, increasing on last week when the final clearance rate for the city fell to its lowest seen since early 2016 (58.3 per cent). There were 1,217 homes taken to auction this week, virtually unchanged from last week’s 1,215. One year ago, 1,087 Sydney homes were taken to auction and the clearance rate was 78.8 per cent. Performance across Sydney’s individual sub regions was mixed this week, with Baulkham Hills and Hawkesbury recording a clearance rate of 78.8 per cent across 41 auctions, while the Outer South West region of Sydney recorded a much lower clearance rate of 33.3 per cent across 18 auctions.
The preliminary auction clearance rate in Brisbane this week was 53.5 per cent, increasing from 44.8 per cent over the week prior. Auction volumes were lower this week with 169 auctions held, down from 190 last week. Meanwhile, across the Gold Coast, 30.8 per cent of the 26 reported auctions were successful.
This week, Adelaide saw a preliminary auction clearance rate of 65.5 per cent, across a total of 125 auctions, increasing from the previous week’s 62.5 per cent, however slightly lower than the 65.6 per cent one year ago.
There were 48 Perth auctions this week with only 30.0 per cent clearing, which is lower than the 47.2 per cent clearance rate last week when 47 auctions were held.
Canberra’s preliminary auction clearance rate of 68.2 per cent this week is lower than last week, when the final auction clearance rate was 72.6 per cent and also lower than the 71.7 per cent recorded last year.
Tasmania saw only 2 auctions take place this week, 1 result has been reported so far, which cleared.