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.

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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.

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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.

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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.

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