The preliminary clearance rate increased to 58.7 per cent this week, after last week saw the final clearance rate revise down to just 52.4 per cent. Auction volumes were lower over the week with 1,842 homes taken to auction across the combined capital cities, down from 2,002 last week. While the preliminary clearance rate tends to revise lower over the week as the remaining results are captured, the final clearance rate should still show an improvement week-on-week.
Melbourne was host to 946 auctions over the week, returning a preliminary clearance rate of 62.3 per cent, compared to last week when 56.2 per cent of the 992 auctions were successful. Over the same week last year, there were 1,047 auctions held in Melbourne, returning a clearance rate of 70.7 per cent.
There were 635 auctions held in Sydney this week returning a preliminary auction clearance rate of 55.3 per cent. In comparison, last week there were 708 auctions held and a final clearance rate of 49.4 per cent was recorded, while this time last year, 68.2 per cent of the 939 auctions held were successful.
Auction results by property type
Across the smaller auction markets, Brisbane was the busiest city with 112 homes going under the hammer, returning a preliminary clearance rate of 43.7 per cent. The highest preliminary clearance rate was recorded in Adelaide where 68.0 per cent of the 50 reported auctions were successful, followed by Canberra, where 65.2 per cent of the 46 reported auctions cleared.
Sub region auction results