There were 1,472 homes taken to auction across the combined capital cities this week, increasing from 1,026 over the previous week, although much lower than this week last year (2,311).
Preliminary results show an auction clearance rate of 58.8 per cent across the combined capitals, increasing from last week’s final clearance rate of 50.4 per cent, while this week last year the clearance rate was recorded at 62.1 per cent. Once final results are collected, the final clearance rate will most likely revise down to the low 50 per cent range.
In Melbourne, 678 homes were taken to auction this week, increasing from 498 over the previous week. This week last year saw 1,144 homes taken to auction across the city. The preliminary auction clearance rate came in at 60.8 per cent this week, up from 53.6 per cent over the previous week, although lower than this time last year (63.7 per cent).
Sydney was host to 535 auctions this week with preliminary results returning a 66.6 per cent clearance rate across 326 results. Over the previous week, 332 auctions were held across the city and a final clearance rate of 52.4 per cent was recorded. This time last year, 63.1 per cent of the 797 Sydney homes auctioned were successful.
Across the smaller auction markets, Brisbane was the only city to see a fall in both auction volumes and the clearance rate week-on-week, while year-on-year, all capital cities saw a fall in auction volumes.