The number of homes taken to auction across the combined capital cities increased to 1,633 this week returning a preliminary clearance rate of 75.7 per cent, while the previous week saw 1,533 homes taken to auction returning a final clearance rate of 72.3 per cent. Although the final clearance rate across the combined capitals will revise lower as remaining results are collected, it will likely hold above 70 per cent for the 5th consecutive week. Over the same week last year, auction activity was higher with 1,983 homes taken to auction, returning a significantly lower clearance rate of 51.8 per cent.
Melbourne was host to 824 auctions this week, returning a preliminary clearance rate of 75.7 per cent marking the 8th consecutive week where the cities clearance rate has held above 70.0 per cent. In comparison, last week saw 765 homes taken to auction and a final clearance rate of 74.0 per cent was recorded. Over the same week last year, a clearance rate of 54.1 per cent was recorded across 988 auctions.
Sydney recorded a preliminary clearance rate of 80.3 per cent across 580 auctions this week. Over the previous week, final results show 75.7 per cent of the 528 auctions were successful. One year ago, 669 auctions were held across Sydney returning a final clearance rate of 48.6 per cent.
Across the smaller auction markets, Adelaide, Canberra and Perth saw lower auction volumes week-on-week while Brisbane and Tasmania saw an increase in the number of homes taken to auction over the week.