There were 2,876 homes taken to auction across the combined capital cities this week, and of the 2,425 results collected so far, 80.4 per cent reported a successful result. In comparison, the previous week saw 2,087 homes taken to auction and a preliminary auction clearance rate of 78.5 per cent was recorded, revising down to a final clearance rate of 77.2 per cent by Wednesday. One year ago, 612 auctions were held across the combined capitals, with just 47.5 per cent of the 531 reported auctions returning a successful result as ongoing COVID-19 restrictions continued to impact on auction activity over this period.
Capital City Auction Statistics (Preliminary)
Melbourne saw auction activity significantly increase over the week, with 1,277 homes taken to auction across the city, up from 957 over the previous week and 217 this time last year. Of the 1,128 results collected so far, 77.1 per cent were successful, increasing on the previous week when a preliminary auction clearance rate of 76.1 per cent was recorded, revising down to 75.5 per cent at final figures.
Weekly Clearance Rate, Combined Capital Cities
Sydney also saw a significant increase in auction activity over the week, with 1,121 homes taken to auction, up from 794 over the previous week and 283 this time last year. Preliminary results show that of the 946 auctions reported so far, 83.5 per cent were successful. Last week’s preliminary clearance rate was a lower 82.1 per cent, which revised down to 79.3 per cent at final figures, the first time Sydney's final clearance rate has fallen below 80 per cent since late January 2021.
Across the smaller capital cities, Perth recorded a preliminary auction clearance rate of 92.3 per cent, although noting volumes are low. In Canberra, 106 of 120 auctions have been collected so far, returning a preliminary clearance rate of 90.6 per cent, while Adelaide saw 201 homes taken to auction this week, with 86.1 per cent of reported auctions returning a successful result. Brisbane was host to 133 auctions this week, and of the 94 results collected so far, 64.9 per cent were successful.