Capital city preliminary clearance rate rises to 67.3 per cent, with auction activity across the capitals significantly lower.
There were 1,721 auctions held across the combined capital cities this week, significantly lower than the 3,026 held last week, although higher than one year ago (1,473). The fall in auction volumes this week is due to the fact that four of the eight states and territories have a public holiday this coming Monday.
The preliminary clearance rate across the combined capital cities rose to 67.3 per cent this week, up from 63.6 per cent last week, although this will revise as more results are collected over the week. Over the same week last year, the clearance rate was recorded at 75.1 per cent.
The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise, with Sydney at 66.6 per cent across 936 auctions and Melbourne at 72.2 per cent across 447 auctions, while the highest clearance rate was in Canberra where 77.6 per cent of auctions cleared over the week.
Looking at results by property type, units outperformed houses again this week with 70.0 per cent of units selling at auction, while 66.0 per cent of houses sold across the combined capital cities.
Auction results by property type