There were 1,480 homes taken to auction across the combined capital cities this week returning a preliminary clearance rate of 63.7 per cent. Last week saw 1,505 homes taken to auction with the final clearance rate coming in at 61.8 per cent, the highest final clearance rate since May last year. After remaining results are collected we expect the final clearance rate to be slightly lower week-on-week. Over the same week last year, auction activity was higher with 1,849 homes taken to auction returning a clearance rate of 55.5 per cent.
In Melbourne, 644 auctions were held across the city returning a preliminary clearance rate of 69.7 per cent. In comparison, last week saw 724 homes taken to auction and a final clearance rate of 64.9 per cent was recorded. Melbourne’s final clearance rate has been increasing each week over the month of June and this week is likely to hold above 65 per cent for the first time in over a year. Over the same week last year, a clearance rate of 59.9 per cent was recorded across 941 auctions.
Sydney recorded a preliminary clearance rate of 67.1 per cent across 551 auctions. Over the previous week, 66.4 per cent of the 534 auctions were successful, the highest final clearance rate the city has seen since Easter last year. This week’s final figure will be lower week-on-week, although it will likely hold above or close to 60 per cent. One year ago, 641 auctions were held across Sydney returning a final clearance rate of 50.1 per cent.
Across the smaller auction markets, Perth saw lower volumes week-on-week while all other cities saw an increase in auction volumes.