Auction activity increased across the combined capital cities this week, with 2,239 homes taken to auction; the largest number of auctions held since the first week of June. The larger volume of auctions returned a preliminary auction clearance rate of 71.1 per cent, up from last week’s final results when 2,064 auctions were held and 69.8 per cent cleared. Over the corresponding week last year, the clearance rate was 74.5 per cent and 2,153 auctions were held. It is expected as more results are collected that the final auction clearance rate will revise lower to remain within the high 60 per cent range, where clearance rates have been tracking since early June. Melbourne saw a higher volume of auctions this week (1,116), however the clearance rate for the city fell to 73.8 per cent, while Sydney’s preliminary clearance rate increased to 71.6 per cent across a higher volume of auctions week-on-week (814).
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 73.8 per cent was recorded across 1,116 auctions this week. Last week, Melbourne’s final clearance rate was recorded at 75.6 per cent across 1,001 auctions, while this time last year, 1,060 properties were taken to auction across Melbourne and a clearance rate of 77.4 per cent was recorded. Looking at Melbourne’s sub-regions, the Mornington Peninsula region was the best performer in terms of clearance rates, with an 85.7 per cent success rate across 46 auctions, followed by the Outer East region, where 83.3 per cent of the 85 auctions cleared.
Sydney’s preliminary auction clearance rate this week was 71.6 per cent across 644 auction results. There were a total of 814 auctions held across the city, increasing from last week’s final figures when 67.8 per cent of the 720 auctions cleared, and higher than one year ago, when 788 auctions were held across Sydney and a clearance rate of 78.5 per cent was recorded. Looking at the sub-regions of Sydney, the City and Inner South region recorded the strongest clearance rate of 80.6 per cent across 81 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (126).
The preliminary clearance rate in Brisbane this week was 45.4 per cent, up from 45.1 per cent over the previous week. Auction volumes were higher this week with 138 auctions held, up slightly from 135 last week. Meanwhile, across the Gold Coast, 57.9 per cent of the 39 reported auctions were successful.
Adelaide recorded a preliminary clearance rate of 75.5 per cent across 68 auctions this week, up from 62.4 per cent across 98 auctions last week. Over the corresponding week last year, 83 homes were taken to auction, with 63.3 per cent recording a successful result.
In Perth, 33 auctions were held this week with 62.5 per cent successful, up on last week when the final auction clearance rate for Perth was 50.0 per cent across 35 auctions and higher than the 34.8 per cent across 29 auctions last year.
Canberra’s preliminary auction clearance rate of 71.2 per cent this week is lower than last week, when the final auction clearance rate was 74.6 per cent and lower than the 71.4 per cent recorded last year.
Tasmania saw 8 auctions take place this week, 6 results have been reported so far, with 5 sales.