The combined capital city preliminary auction clearance rate came in below 70% this week as volumes fell due to the long weekend. There were 657 homes taken to auction, down from the 1,082 auctions held last week. Of the 530 results collected so far, 69.3% were successful, only slightly lower than last week’s preliminary figure of 70.5%, which by final collection on Wednesday revised down to 64.2%. Over the same week last year, a final clearance rate of 67.6% was reported across a higher 1,324 auctions. 

Activity remains close to record lows in Melbourne with 57 scheduled auctions this week; this was a slight increase on the 40 auctions last week and only 11 auctions held two weeks ago. Of the 49 results collected so far, 31 were successful and one third of auctions (16), were withdrawn, equating to a preliminary clearance rate of 63.3%. 61.3% of sold results, reportedly sold prior to the scheduled auction event. One year ago, 775 Melbourne homes were auctioned with 70.5% selling.  As restrictions ease across Melbourne we are expecting auction numbers to rise substantially.  

Sydney accounted for 66% of all auction activity this week with 435 auctions held across the city. Volumes were lower over the week after last week recorded the busiest week this city has seen since April (812).  Of the 354 results collected so far, 259 were sold, providing a preliminary clearance rate of 73.2%.  This time last year, Sydney recorded a final auction clearance rate of 74.75, across a lower 317 auctions.

Across the smaller markets, Canberra recorded the highest preliminary clearance rate of 75.6%, followed by Perth (62.5%), Adelaide (62.1%) and Brisbane (48.8%).