There were 1,042 homes up for auction across the combined capital cities this week, down from 1,150 over the previous week and 1,228 this time last year. Preliminary results show that of the 810 results collected so far, 64.3 per cent have recorded a successful result, down slightly from last week’s preliminary clearance rate of 65.9 per cent, which revised down to 58.4 per cent on final numbers. This time last year, the combined capital cities recorded a final clearance rate of 73.0 per cent.
In Melbourne, auction volumes continue to decline with 189 homes scheduled for auction this week, down from 294 over the previous week and 588 this time last year. The number of auctions held across Melbourne was averaging around 530 each week prior to the implementation of new restrictions. Of the 151 results collected so far, 63.6 per cent were successful, while 29.1 per cent were withdrawn. Melbourne’s clearance rate has held much firmer compared with the previous lockdown phase, when clearance rates fell below 30 per cent and withdrawal rates approached 65 per cent. In comparison, last week saw a final clearance rate of 63.7 per cent, while 23.3 per cent were recorded as withdrawn. One year ago, Melbourne recorded a clearance rate of 76.2 per cent.
There were 668 homes scheduled for auction in Sydney this week, up from 640 over the previous week and 446 this time last year. Sydney hasn’t recorded this many auctions over a week since the first week of April. Preliminary results show the city recorded a clearance rate of 67.8 per cent this week, slightly higher than last week’s preliminary result of 65.8 per cent, which later revised down to 58.8 per cent. This time last year, a final clearance rate of 76.2 per cent was recorded across the city.
Across the smaller cities, Canberra came in with the highest preliminary clearance rate over the week (75.9 per cent), followed by Adelaide (60.0 per cent).