There were fewer homes taken to auction across the combined capital cities this week, as the nation stopped amidst the Federal election hype. Of the 917 homes that did go to auction this week, preliminary results show that 57 per cent were successful. Over the week prior, 1,218 homes were auctioned and the final auction clearance rate came in at 54 per cent; the highest final result since September last year. Comparing results from the same week last year, a higher 2,100 homes were taken to auction returning a 56.8 per cent final clearance rate.
In Melbourne, a preliminary auction clearance rate of 62.9 per cent was recorded across 427 auctions this week, making it the best performing auction market according to preliminary figures. Last week there were a higher 546 auctions held across the city returning a final clearance rate of 55.7 per cent. This time last year, 1,033 auctions were held across the city, returning a final clearance rate of 62 per cent.
There were 270 auctions held in Sydney this week returning a preliminary clearance rate of 60.7 per cent. Last week, a higher 445 homes were taken to auction returning a 59 per cent final auction clearance rate. Sydney’s final clearance rate has come in at the high 50 per cent range for the last 2 weeks, as final collection comes in this week we will see if this was maintained for another week. The last time Sydney’s clearance rate was in the high 50’s was mid-May last year.
Looking at the smaller auction markets, Canberra came in with the strongest preliminary result with 56 per cent of homes selling at auction this week, while only 25 per cent of homes in Perth sold.