There were 854 homes taken to auction across the combined capital cities this week returning a preliminary clearance rate of 69 per cent. Last week saw 953 homes taken to auction with the final clearance rate coming in at 64.0 per cent, the highest final clearance rate since April last year.
The final clearance rate has held above 60 per cent for the last 4 weeks and we expect this week will be no different. Over the same week last year, auction activity was higher with 1,178 homes taken to auction returning a clearance rate of 52.0 per cent.
In Melbourne, 352 auctions were held across the city returning a preliminary clearance rate of 73.6 per cent. In comparison, last week saw 388 homes taken to auction and a final clearance rate of 67.2 per cent was recorded. Melbourne’s final clearance rate has held above 65 per cent for the last 3 weeks and it’s looking like this week will return a similar result. Over the same week last year, a clearance rate of 56.2 per cent was recorded across 559 auctions.
Sydney recorded a preliminary clearance rate of 77.2 per cent across 318 auctions. Over the previous week, 71.3 per cent of the 359 auctions were successful, the highest final clearance rate the city has seen since in over 2 years. This week’s final figure may just hold above 70 per cent again as remaining results are collected. One year ago, 408 auctions were held across Sydney returning a final clearance rate of 46.9 per cent.
Across the smaller auction markets, Brisbane saw higher volumes week-on-week while all other cities saw fewer homes taken to auction.