The week saw the combined capital city preliminary auction clearance rate improve with 63.3% of homes selling at auction over the week. The higher clearance rate was against a higher volume of auctions, with 1,164 properties scheduled for auction; the busiest week for auctions since the week ending 19 April. Last week, there were 711 scheduled auctions with a preliminary clearance rate of 59.8%, later revising down to 56.2% at final figures. While volumes remain lower than one year ago, the gap was less significant this week, with 1,505 auctions held one year ago when 61.8% cleared.

Both Melbourne and Sydney returned preliminary clearance rates above 60% this week, with Sydney the best performing of the two largest cities.  

There were 474 Melbourne homes taken to auction with a 61% success rate, which was more than double the volume of auctions held last week (195), when a final clearance rate of 60.1% was recorded.

Sydney’s preliminary figures saw 67.3% of homes successful at auction last week with 532 auctions held across the city, higher than the 398 last week when 56.8% sold.

Across the smaller auction markets, the performance was mixed. Canberra was the standout performer across cities, with a preliminary auction clearance rate of 75.8%, while only 20% of Perth auctions reported a successful result.