There were 1,115 homes taken to auction across the combined capital cities this week, up from the 896 homes auctioned last week. The higher volumes saw the preliminary auction clearance rate rise to 71.2 per cent after last week’s 65.4 per cent final clearance rate. The weighted average clearance rate has improved over each of the last four weeks, coming in above the mid-60 per cent range over the last two weeks and showing a vast improvement year-on-year when around 50-55 per cent of the homes taken to auction were reported as selling. However, volumes remain lower each week compared to last year, over the same week one year ago 1,536 homes were taken to auction.
Looking at results across the individual property types, the last four weeks has seen the unit market come in with a higher final clearance rate each week relative to the number of houses sold. Although this week, preliminary results show that 71.9 per cent of houses sold at auction, which was higher than the 69.4 per cent of units that sold.
The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise this week; both coming in at the mid-high 70 per cent mark, with both cities seeing an increase in volumes over the week. Melbourne returned a 74 per cent preliminary auction clearance rate across 546 auctions, after last week’s 67.5 per cent final clearance.
A 78.5 per cent preliminary clearance rate was recorded across Sydney this week, making it the best performing capital city according to preliminary results, up from last week’s 72.8 per cent final clearance rate. There were 391 Sydney homes taken to auction this week, increasing on the week prior when 303 homes were auctioned.
Across the smaller auction markets, Adelaide was the best performing with a preliminary clearance rate of 56.7 per cent, while only 14.3 per cent of Perth homes sold at auction.