A quiet week for auctions with 803 homes taken to market across the combined capital cities, as most states welcomed a long weekend with the Queen’s Birthday public holiday on Monday. The subdued activity returned a preliminary auction clearance rate of 51.3 per cent, falling from last week’s final auction clearance rate of 58 per cent when volumes were higher (1,661). One year ago, 904 homes were taken to auction returning a final clearance rate of 53.8 per cent.
The lower weighted average this week can partly be attributed to weaker results across the smaller capital cities with all returning preliminary clearance rates below 50 per cent, while Melbourne and Sydney preliminary clearance rates came in at 64.7 per cent and 62.8 per cent respectively.
There were 216 homes auctioned across Melbourne this week, significantly lower than the 730 auctions held last week when 61.6 per cent sold. In Sydney, 310 auctions took place across the city, down on last week when 677 auctions were held and 61.8 per cent cleared as of final figures. As more auction results flow through, we could see the final clearance rate drifting below the 60 per cent mark across the two largest auction markets.
Across the smaller auction markets, Adelaide returned the strongest preliminary clearance rate with 42.9 per cent of homes selling, while only 22.9 per cent of homes sold across Brisbane.