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.
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.
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.