There were 2,041 homes taken to auction across the combined capital cities this week after the previous week saw volumes drop to 930, likely due to the federal election. This time last year, volumes were higher with 2,297 auctions held.
Preliminary results show a clearance rate of 62.6 per cent across the combined capital cities this week although we will see some downwards revision over the week. Last week’s final clearance rate came in at 55.2 per cent, the highest clearance rate we have seen since September last year and it’s possible that this week’s final clearance rate may top that as remaining results roll in. Over the same week last year the final clearance rate was recorded at 56.2 per cent.
In Melbourne, a preliminary auction clearance rate of 62.9 per cent was recorded across 971 auctions this week, while last week there were 432 auctions returning a final clearance rate of 60.7 per cent. This time last year, 1,132 auctions were held across the city, returning a clearance rate of 59.0 per cent.
There were 697 auctions held in Sydney this week returning a preliminary clearance rate of 69.9 per cent. In comparison, there were just 276 auctions held over the previous week returning a final clearance rate of 56.5 per cent. There is a chance that this week’s final clearance rate may just be able to hold above 60 per cent after Sydney has seen the final clearance rate sit above 55 per cent for the last 3 weeks. One year ago, 814 auctions were held across the city and the clearance rate came in at 56.1 per cent.
Looking at the smaller auction markets, auction volumes increased week-on-week across all capital cities. Preliminary results show that clearance rates were down slightly over the week in Brisbane, while all other cities saw an increase week-on-week.