There were 1,669 homes taken to auction across the combined capital cities this week, down from 1,875 over the previous week. This time last year, volumes were significantly higher with 3,990 homes taken to auction over what was the pre-Easter weekend, traditionally one of the busiest weeks for auctions each year.
Preliminary results show a clearance rate of 56.0 per cent across the combined capital cities this week, increasing from last week’s final clearance rate of 51.4 per cent although this will revise lower as the remaining results are collected. The finalised clearance rates have sat above 49.0 per cent for 5 of the last 6 weeks and it’s likely that this week will be no different. Over the same week last year the final clearance rate was recorded at 62.7 per cent.
In Melbourne, a preliminary auction clearance rate of 57.0 per cent was recorded across 820 auctions this week, while last week there were 920 auctions returning a final clearance rate of 52.1 per cent. This time last year, 2,071 auctions were held across the city, returning a clearance rate of 65.8 per cent.
There were 506 auctions held in Sydney this week returning a preliminary clearance rate of 62.2 per cent although again this will revise down over the week as more results are collected. In comparison, there were 638 auctions held over the previous week and the final auction clearance rate was 54.2 per cent. One year ago, 1,383 auctions were held and the clearance rate came in at 61.1 per cent.
Looking at the smaller auction markets, Canberra and Tasmania saw fewer homes taken to auction week-on-week. Preliminary results show that auction clearance rates were down slightly over the week in Adelaide and Brisbane.