The combined capital city preliminary clearance rate improved across a lower volume of auctions this week. There were 1,162 homes taken to auction returning a preliminarily success rate of 65.3% coming in higher than last week’s preliminary results of 59.2%, which later revised down to 54.1%. One year ago, 1,108 capital city homes were taken to auction over the same week, returning a final auction clearance rate of 66.4%.
There were 351 Melbourne homes scheduled for auction this week, lower than the 540 over the week prior. The lower volumes saw Melbourne’s preliminary clearance rate improve with 59.8% of auctions successful as fewer withdrawn auctions were recorded this week lifting the success rate. Of the 296 results collected so far, 86 were withdrawn results which is quite a bit lower than last week’s 217 withdrawn results, equating to a 29% and 40% withdrawal rate respectively. Of the sold results collected just under 50% reportedly sold prior to the scheduled auction date. One year ago, 500 Melbourne homes were auctioned returning a final clearance rate of 70.9%.
In Sydney, 578 homes were taken to auction this week returning a preliminary auction clearance rate of 68.2%. An improvement on last week’s final clearance rate of 60.6% across a slightly higher 594 auctions. Over the same week last year, Sydney volumes were a lower 386 with a success rate of 72%.
Across the smaller cities, Adelaide and Canberra came in with equal highest clearance rate over the week with 80% of homes selling at auction.