There were 1,986 homes taken to auction across the combined capital cities this week, up from 1,626 over the previous week and 648 this time last year, making it the busiest auction week since mid-July. The higher volumes saw an increase in the preliminary auction clearance rate, with 84.4 per cent of the 1,704 results collected so far returning a successful result. In comparison, a preliminary auction clearance rate of 82.4 per cent was recorded last week, revising down to 80.6 per cent by final collection on Wednesday. This time last year, 64.4 per cent of reported auctions were successful.

Capital City Auction Statistics (Preliminary)

Melbourne was the busiest auction market this week with 800 homes taken to auction across the city, up significantly from 352 over the previous week and 55 this time last year. Melbourne had seen a large number of rescheduled auctions over the past couple of months, however we have not seen that this week, with auction volumes actually increasing slightly from the initial predicted count. Of the 679 auction results reported so far, 87.0 per cent were successful, which is the second highest preliminary clearance rate the city has seen all year. Last week, Melbourne recorded a preliminary auction clearance rate of 77.2 per cent, revising down to a final clearance rate of 75.7 per cent. Withdrawal rates were lower week-on-week, with preliminary results showing a withdrawal rate of 6.2 per cent so far, down from last week’s final withdrawal rate of 17.2 per cent. Of the 591 successful results collected so far, 27.2 per cent were sold prior to auction.

Weekly clearance rate, combined capital cities

Sydney was host to 753 auctions this week, compared to 829 over the previous week and 430 this time last year. Volumes this week are likely impacted by the Labour Day long weekend. There have been 672 results collected so far, returning a preliminary auction clearance rate of 82.4 per cent. The previous week saw a higher preliminary clearance rate of 84.3 per cent, which revised down to 81.7 per cent at final figures. Sydney’s withdrawal rate increased slightly over the week, with 12.2 per cent of results reported as withdrawn, compared to a final withdrawal rate of 9.5 per cent over the previous week, which again may have been impacted by the long weekend. Of the 554 successful results collected so far, 51.4 per cent were sold prior to auction.

Capital City Auction Statistics (Preliminary)

Across the smaller auction markets, Canberra recorded a preliminary auction clearance rate of 89.6 per cent this week, followed by Adelaide (85.6 per cent), and Brisbane (79.5 per cent). In Perth, 9 results have been reported so far, with 5 returning a successful result. There were only two auctions in Tasmania last week, and one was reported as successful.

Sub-region auction statistics (preliminary)