Auction volumes were down week on week across the combined capital cities, with a total of 1,185 homes scheduled for auction. The lower activity which we have historically noted over school holiday periods, returned a preliminary clearance rate of 65.1%. This was higher than last week preliminary figure of 64.5% across a higher 1,485 auctions, which later revised down to 60.6% at final collection. Looking at results from the first week of July last year, a lower 953 homes were taken to auction with a success rate of 64% according to final figures.
Across Australia’s two largest auction markets, the lower activity across both cities saw the clearance rate improve.
There were 439 Melbourne homes taken to auction returning a preliminary clearance rate of 64.3%, which was higher than last week’s preliminary figure of 62.7% across 645 auctions, with a final result of 61%.
In Sydney, 563 homes were auctioned this week returning a preliminary clearance rate of 68.1%, higher than last week’s 66.9% preliminary result, when a higher number of auctions were held (644). The final clearance rate last week came in at 62.9%.
Across the smaller cities, Canberra continues to outperform in terms of success rate across the capital city markets with an 81.6% preliminary clearance rate this week. However this was down on the final clearance rate last week with 84.4% of homes successful at auction across Canberra. Perth, where only a small proportion of properties are auctioned, continues to return one of the lowest clearance rates across the capital cities with only 22% of auctions clearing this week.