This week, the combined capital city preliminary auction clearance rate came in at 72.4 per cent, the highest preliminary clearance rate recorded since early March so it will be interesting to see how it holds up as final results are collected. In comparison, last week recorded a preliminary clearance rate of 67.3 per cent which later revised down to 63.0 per cent at final figures. This time last year, a final clearance rate of 70.7 per cent was recorded across the combined capitals. There were 918 homes taken to auction over the week, up from 816 over the previous week, although significantly lower than this time last year (1,983).
Auction activity remains extremely low across Melbourne this week with just 11 homes taken to auction. Of the results collected so far, all 7 were successful, with 5 reported as selling prior to auction and 2 selling on the day. Over the previous week, 13 auctions were held across the city, while this time last year, 1,020 Melbourne homes were taken to auction. Auction numbers are expected to rise off their record lows next week, with CoreLogic currently tracking around 60 auctions scheduled to be held.
Sydney was host to 679 auctions this week, up from last week when 600 auctions were held, and higher than this time last year when 646 homes were taken to auction. Of the 562 auction results collected so far, 72.4 per cent were successful, up from last week’s preliminary result of 70.4 per cent which revised down to 65.9 per cent at final results. This time last year, Sydney recorded a final auction clearance rate of 72.7 per cent.
Across the smaller markets, Canberra recorded the highest preliminary clearance rate of 89.2 per cent, across 65 auction results, followed by Adelaide with a preliminary clearance rate of 64.0 per cent across 50 results.