There were over 3,000 capital city homes taken to auction this week, making it the busiest week for auctions we’ve seen this year; in fact the largest number since March last year.  Of the 3,058 homes auctioned, according to preliminary figures, 78.9% returned a successful result, coming in higher than last week’s final clearance rate of 68.5% across a lower 2,612 auctions and significantly higher than final results from one year ago (41.3%, 2,749 auctions).  As usual, we expect to see some downward revision by final collection. 

Capital City Auction Statistics (preliminary)

Results across the individual property types saw houses outperform units with a success rate of 79.9%, while 76.6% of units sold at auction.

Melbourne was host to 1,497 auctions this week with preliminary results showing a clearance rate of 78.3%, increasing from last week when the final clearance rate fell to 70.1% across 1,221 auctions. Over the same week last year, the auction clearance rate was significantly lower with 42.7% of the 1,378 auctions returning a successful result. 

Weekly Clearance Rate, Combined Capital Cities

There were 1,131 auctions held in Sydney this week making it the busiest week of the year for the city with preliminary results showing an 84.7% clearance rate, up from 76% across 940 auctions last week. Over the same week last year 937 Sydney homes were taken to auction across the city returning a clearance rate of 41.6%.

Results were mixed across the smaller auction markets, with Adelaide and Canberra showing a preliminary clearance rate above 70%, while only around half of the homes taken to auction in Brisbane and Perth were successful.
The latest results provide a timely test of the housing markets depth, with clearance rates holding up despite the large number of properties taken to market.