Auction markets are continuing to show strength as both the number of auctions and auction clearance rates trend higher.
There were 2,446 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 77.7 per cent. In comparison, 1,596 auctions were held last week, returning a final clearance rate of 73.3 per cent. Over the same week last year, auction volumes were lower with 2,293 homes going under the hammer across the combined capital cities, returning a final auction clearance rate of just 49.4 per cent.
In Melbourne, a preliminary auction clearance rate of 79.6 per cent was recorded across 1,215 auctions this week, while last week there were 743 auctions returning a final clearance rate of 76 per cent, the highest final clearance rate the city has seen since September last year. One year ago, the clearance rate was just 50.6 per cent across 1,128 auctions.
There were 938 auctions held in Sydney this week, returning a preliminary clearance rate of 81.5 per cent. In comparison, there were 583 auctions held over the previous week and the final auction clearance rate was 75.4 per cent. One year ago, 801 auctions were held and the clearance rate came in at 50.2 per cent.
Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate (70 per cent), followed by Brisbane at 62.7 per cent.