Preliminary results show half of the homes taken to auction across the combined capital cities were successful over the 5th busiest auction week of the year
Auction volumes were the highest they have been since late March with 2,919 homes taken to auction across the combined capital cities this week, increasing from 2,139 last week although much lower than this time last year (3,713). The higher volumes this week were largely thanks to Melbourne as vendors rush to auction prior to the Melbourne Cup Carnival slowdown where volumes will temporarily plummet across the city.
Preliminary results show a clearance rate of 50.2 per cent across the combined capital cities although it’s likely to drop below 50 per cent for the 5th consecutive week when final results are released on Thursday. Last week saw the final clearance rate revise down to 46.0 per cent, while this week last year saw 64.5 per cent of auctions return a successful result.
Melbourne was host to 1,706 auctions this week making it the 2nd busiest week for the city all year. Preliminary results show a clearance rate of 49.8 per cent, up from last week when just 45.7 per cent of auctions were successful, which was the lowest clearance rate the city had seen since June 2012 (38.6 per cent across 127 auction results). Over the same week last year, the auction clearance rate was significantly higher with 70.2 per cent of the 1,983 auctions returning a successful result.
There were 796 auctions held in Sydney this week, up from 675 last week, although substantially lower than this week last year when 1,215 homes were taken to auction across the city. Preliminary results show that 50.7 per cent of auctions were successful this week, up from 44.6 per cent last week. The final auction clearance rate has been sitting below 50 per cent for 4 consecutive weeks now, and it is likely to be the case again this week as final results are collected. In comparison, one year ago, the clearance rate across the city was recorded at 58.3 per cent.
Across the smaller auction markets, preliminary results show an improvement in clearance rates across all cities except Brisbane while Perth was the only city to see auction volumes fall over the week.
Auction results by property type
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.