There were fewer homes taken to auction over the first week of July, with 945 capital city auctions held returning a preliminary auction clearance rate of 68.9 per cent; the 4th consecutive week above 60 per cent. Over the week prior, a higher 1,295 capital city homes were auctioned returning a 62.9 per cent final auction clearance rate. Auction volumes remain lower year-on-year, with 1,411 auctions held over the same week last year when a lower 52.6 per cent cleared.
In Melbourne, a preliminary auction clearance rate of 70.3 per cent was recorded across 388 auctions this week, while last week there were 535 auctions returning a final clearance rate of 68.6 per cent. This time last year, 631 auctions were held across the city, returning a clearance rate of 56.1 per cent.
There were 352 auctions held in Sydney this week returning a preliminary clearance rate of 78.2 per cent. In comparison, there were just 503 auctions held over the previous week returning a final clearance rate of 67.9 per cent. One year ago, 552 auctions were held across the city and the clearance rate came in at 50.1 per cent.
Looking at the smaller auction markets, auction volumes fell week-on-week across all capital cities. Preliminary results show that clearance rates were up over the week in all cities except Perth.