The final week of July returns a preliminary auction clearance rate of 58.4 per cent across the combined capital cities.
The final week of July saw 1,534 homes taken to auction across the combined capital cities, returning a preliminary auction clearance rate of 58.4 per cent. Last week, the final auction clearance rate came in at 57.0 per cent across 1,257 auctions, the highest clearance rate seen since the week ending 13 May 2018, although volumes were much higher then. Although auctions are slowly starting to pick up across the capital cities, current volumes remain lower than this time last year when 1,987 auctions were held and a clearance rate of 68.7 per cent was recorded.
There were 803 auctions held in Melbourne this week with a preliminary clearance rate of 60.3 per cent, after last week saw 613 homes go under the hammer, returning a final clearance rate of 59.9 per cent. Over the same week last year, 956 auctions were held across the city and a clearance rate of 75.6 per cent was recorded.
Sydney was host to 465 auctions this week with preliminary results showing a clearance rate of 56.6 per cent. Last week, the final auction clearance rate for Sydney was 55.2 per cent across 407 auctions after the previous week saw the clearance rate drop to just 46.9 per cent. When the final results are released later in the week, it’s likely that the final clearance rate for Sydney will revise down to the low 50 per cent mark.
Auction results by property type
Across the smaller auction markets, the highest preliminary clearance rate was recorded in Canberra where 72.2 per cent of the 36 reported auctions were successful. With the exception of Tasmania where no auctions were held this week, Canberra was the only city to see a fall in auction volumes with 46 auctions held across the city this week, down from 52 last week.