This week, there were 2,610 homes taken to auction across the combined capital cities with volumes up 33.5 per cent on last week to come in as the busiest week for auctions since early December 2018. The higher activity returned a preliminary auction clearance rate of 75.3 per cent, which was only slightly lower than last week’s preliminary figure of 75.6 per cent which later revised down to 72.1 per cent at final figures. Compared to one year ago, volumes are lower than the 2,928 auctions held over the same week last year when a much lower 47 per cent cleared.
The higher overall volumes this week can be mostly attributed to the surge in activity across Melbourne, which is not unusual over what is the pre Melbourne cup weekend each year. There were 1,528 Melbourne homes taken to auction this week with volumes reaching their highest levels since this time last year (1,701).
The preliminary auction clearance rate maintained strength against the higher volumes, returning a 77.1 per cent success rate, up on last week’s 73.3 per cent across a lower 915 auctions.
Sydney recorded a preliminary clearance rate of 79.7 per cent across 761 auctions this week, after last week’s final clearance rate of 79.2 per cent; the strongest final result the city has seen since early 2017. One year ago, 798 auctions were held across Sydney returning a final clearance rate of 45.3 per cent.
Results were varied across the smaller auction markets last week, Adelaide returned the strongest preliminary clearance rate of 68 per cent, across a higher volume of auctions week-on-week. While Brisbane and Perth saw less than 50 per cent of homes successful at auction this week.