There were 2,750 homes taken to auction across the combined capital cities this week, with volumes down by -5.6% on last week’s 2,912 auctions; the second busiest week of 2019. Preliminary results show a clearance rate of 69.2%, after last week’s final clearance rate of 71.1%. One year ago, 2,406 auctions were held across the combined capitals, with only 40% returning a successful result.
Melbourne saw 1,394 homes taken to auction this week, returning a preliminary clearance rate of 73.2%. Over the previous week, a higher 1,520 homes were taken to auction, returning a final clearance rate equal to this week’s preliminary result (73.2%). Over the same week last year, a much lower clearance rate of 44.2% was recorded across 1,173 auctions.
There were 846 homes taken to auction across Sydney this week, down on the week prior when 976 auctions were held. Preliminary results show a clearance rate of 73.6 per cent, which was slightly lower than last week’s final result (73.8%). One year ago, 723 auctions were held across Sydney returning a final clearance rate of only 38.8%.
The smaller capital cities returned varied results, with Adelaide coming in with the highest preliminary clearance rate of 60.6%, while only 34.4% of Perth homes sold at auction.
Auction activity won’t pick up in earnest until early February next year as the market emerges from the seasonal festive period slowdown.