The weighted average preliminary clearance rate rose across a higher volume of auctions this week with 1,019 homes taken to market returning a 54.6 per cent success rate. The higher activity this week comes off the back of the Easter period slowdown which saw only 394 auctions held across the capitals and a 43.9 per cent final auction clearance rate, which was the second lowest clearance rate over the year to date.
Looking at results by property type, 56.8 per cent of houses sold at auction this week, which was higher than units which returned a 49.6 per cent clearance rate.
Across Australia’s two largest cities, there were 497 Melbourne homes taken to auction this week, increasing on the 50 homes auctioned last week, however the higher volumes saw the preliminary clearance rate drop to 55.7 per cent, after last week’s 63.2 per cent final clearance rate.
In Sydney, 329 auctions were held this week returning a 57.1 per cent preliminary clearance rate, improving on the 46.3 per cent final auction clearance rate last week when a lower 221 auctions were held across the city.
All of the remaining auction markets saw an increase in auction activity this week with the exception of Canberra where volumes were lower. The performance however was varied, with Adelaide recording the highest success rate of 54.8 per cent, while only 20 per cent of auctions cleared in Perth.