Preliminary auction clearance rates soften as the number of auctions surges to the second busiest week so far this year.
There were 3,097 homes taken to auction across the combined capital cities this week, making it the second busiest week of the year so far, with preliminary results showing a 67.5 per cent success rate. In comparison, 1,764 auctions were held last week and the final clearance rate came in at 63.3 per cent. Over the same week last year, auction volumes were lower with 2,916 homes going under the hammer across the combined capital cities, although the clearance rate was a stronger 74.1 per cent.
In Melbourne, a preliminary auction clearance rate of 68.9 per cent was recorded across 1,656 auctions this week, down from 70.8 per cent across just 453 auctions last week. Over the same week last year, 1,441 homes were taken to auction across the city, returning a clearance rate of 77.0 per cent.
Sydney was host to 1,055 auctions this week, with preliminary results showing a 67.8 per cent success rate, up from 62.2 per cent across 974 auctions last week. This time last year, the clearance rate was a stronger 76.8 per cent across 1,001 auctions.
Excluding Tasmania, where all 3 reported auctions were successful, Adelaide recorded the highest preliminary clearance rate this week (69.7 per cent).
Looking at auction volumes, Perth was the only city to see a slight fall in the number of homes taken to auction this week, while all other cities increased week-on-week.
Auction results by property type