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.

Capital City Auction Statistics (preliminary)

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. 

Weekly Clearance Rate, Combined Capital Cities

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.