The number of homes taken to auction across the combined capital cities increased to 1,412 this week returning a preliminary clearance rate of 79.6 per cent, while the previous week saw 1,228 homes taken to auction returning a final clearance rate of 73.0 per cent, the highest final clearance rate recorded in over two years. Although the clearance rate across the combined capitals will revise lower as remaining results are collected, it will likely hold stronger than last week’s final. Over the same week last year, auction activity was higher with 1,915 homes taken to auction, returning a significantly lower clearance rate of 54.6 per cent.
Melbourne was host to 665 auctions this week, returning a preliminary clearance rate of 79.7 per cent marking the 5th consecutive week where the cities clearance rate has held above 70.0 per cent. In comparison, last week saw 588 homes taken to auction and a final clearance rate of 76.2 per cent was recorded. Over the same week last year, a clearance rate of 56.5 per cent was recorded across 899 auctions.
Sydney recorded a preliminary clearance rate of 84.7 per cent across 500 auctions this week, the highest preliminary clearance rate the city has seen since February 2017. Over the previous week, final results show 76.2 per cent of the 446 auctions were successful. It will be interesting to see if Sydney’s final clearance rate can hold above 80 per cent as final results are collected although it’s likely to just fall short. One year ago, 721 auctions were held across Sydney returning a final clearance rate of 53.2 per cent.
Across the smaller auction markets, Brisbane saw lower auction volumes week-on-week while Adelaide, Canberra and Perth saw an increase in the number of homes taken to auction over the week.