This week 1,978 auctions were held across the combined capital cities, returning a preliminary auction clearance rate of 57.2 per cent. Over the previous week, a final clearance rate of 50.9 per cent across 2,164 auctions was recorded making it the third consecutive week where the clearance rate has held above 50 per cent. This week will likely see a similar outcome as remaining results are collected. Over the same week last year, auction volumes were slightly lower (1,839), however the clearance rate was stronger at 62.8 per cent.
Melbourne was host to 899 auctions this week with preliminary results returning a 58.1 per cent clearance rate. Over the previous week, 978 auctions were held across the city with the final clearance rate coming in at 52.1 per cent. This time last year, 723 homes were taken to auction and a final clearance rate of 68.2 per cent was recorded.
In Sydney, 740 homes were taken to auction this week, down from 801 last week. The preliminary clearance rate came in at 61.9 per cent this week, increasing from 54.3 per cent last week however as usual this will revise lower over the week. The final clearance rate in Sydney has held above 52 per cent for the last 5 weeks so it will be interesting to see if this continues once the remaining results are collected. One year ago, a clearance rate of 62.9 per cent was recorded across 795 auctions.
Across the smaller auction markets, Canberra, Perth and Tasmania saw an increase in the number of homes taken to auction this week, while Adelaide and Brisbane saw lower volumes week-on-week.