This week, there were 41.5% fewer homes taken to auction across the combined capital cities with activity significantly lower across Melbourne as the city is brought to a halt amidst the Spring Racing Carnival. There were 1,535 capital city homes auctioned this week, lower than the 2,622 last week and similar to the 1,541 auctions held over the same week one year ago. The lower week-on-week activity returned a preliminary auction clearance rate of 73.6% which was lower than last week’s preliminary figure of 75.3% across the higher volumes, which later revised down to 72.2% at final figures.
There were 254 Melbourne homes taken to auction this week; the lower volumes is what we traditionally see the week just prior to the Melbourne cup festivities, while also coming off the back of the busiest week for auctions this year last week (1,528).
The lower volumes this week saw the preliminary clearance rate fall, with 73.3% of homes selling after last week’s final auction clearance rate of 75.1%.
A preliminary auction clearance rate of 79.4% was recorded across Sydney this week, improving on last week’s final clearance rate of 74.3% per cent. There were 832 auctions held across the city this week, increasing on last week’s 771 and higher than one year ago (813).
Across the smaller auction markets, Canberra was the best performing in terms of clearance rates with 74.6% of auctions successful as volumes doubled across the city. Adelaide followed with 64.9% of auctions returning a successful result.