The capital city preliminary auction clearance rate shows little improvement, with auction activity across the capitals significantly lower.
Capital City Auction Statistics (preliminary)
Auction volumes fell significantly this week due to the Queen’s Birthday long weekend in most states and territories. There were 900 homes taken to auction across the combined capital cities, down from 2,281 last week and 1,279 this time last year. The preliminary clearance rate was recorded at 55.3 per cent this week, increasing slightly from last week when the final clearance rate revised down to 54.1 per cent, the lowest level recorded across the combined capitals since 2012. Once the remaining results are collected over the next few days, it is possible that the final clearance rate for this week will revise even lower so it will be interesting to see what happens.
Auction Results by Property Type
Sydney overtook Melbourne as the busiest city for auctions this week, with 414 homes going under the hammer, returning a preliminary clearance rate of 57.6 per cent, compared to last week when just 47.1 per cent of the 837 auctions were successful. Over the same week last year, there were 619 auctions held in Sydney, returning a clearance rate of 67.7 per cent.
Weekly Clearance Rate, Combined Capital Cities
There were just 276 auctions held in Melbourne this week returning a preliminary auction clearance rate of 56.1 per cent, the lowest clearance rate the city has seen since 2012. In comparison, last week there were 1,079 auctions held and a final clearance rate of 59.8 per cent, while this time last year, 75.9 per cent of the 389 auctions held were successful.
Across the smaller auction markets, preliminary results show that Adelaide was the best performing in terms of clearance rate with a 65.5 per cent success rate across 29 auction results, followed closely by Canberra, where 65.4 per cent of the 26 reported auctions were successful.