There were 1,221 homes taken to auction across the combined capital cities this week returning a preliminary clearance rate of 76.6 per cent, while the previous week saw 1,111 homes taken to auction returning a final clearance rate of 67.8 per cent. As remaining results are collected, we expect the final clearance rate across the combined capitals will revise lower, however it will likely hold above 70 per cent which is something we haven’t seen since May 2017. Over the same week last year, auction activity was higher with 1,684 homes taken to auction despite a lower clearance rate of 53.3 per cent.

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Melbourne was host to 588 auctions this week, returning a preliminary clearance rate of 78.3 per cent. In comparison, last week saw 500 homes taken to auction and a final clearance rate of 72.3 per cent was recorded. Over the same week last year, a clearance rate of 54.0 per cent was recorded across 860 auctions.

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Sydney recorded a preliminary clearance rate of 81.7 per cent across 444 auctions this week, while over the previous week, final results showed 76.2 per cent of the 367 auctions were successful. It’s likely that the final clearance rate will revise down to similar levels again this week as the remaining results are collected. One year ago, 572 auctions were held across Sydney returning a final clearance rate of 51.9 per cent.

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Across the smaller auction markets, Brisbane saw higher auction volumes week-on-week while Adelaide, Canberra, Perth and Tasmania all saw fewer homes taken to auction.

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