The combined capital cities returned a preliminary auction clearance rate of 68.3 per cent over the first week of August, coming in lower than last week’s final clearance rate when 68.6 per cent of auctions reported as successful. The lower clearance rate this week was across a similar number of auctions week-on-week, with 1,100 capital city homes taken to auction, slightly lower than the 1,124 homes auctioned the week prior. Year-on-year figures continue to see clearance rates trend higher while volumes remain lower each week.
Despite the lower weighted average result this week, Melbourne and Sydney returned a preliminary clearance rate above 70 per cent for another week.
There were 500 Melbourne homes taken to auction this week, 73.3 per cent of which returned a successful result, up on the 71.7 per cent final auction clearance last week when volumes were higher (544).
Volumes were relatively steady across Sydney this week, however the city returned a lower week-on-week clearance rate. There were 381 homes taken to auction this week, returning a preliminary auction clearance rate of 74.8 per cent, lower than the 75.7 per cent final clearance rate the week prior when 394 auctions took place.
Across the smaller auction markets, volumes increased across all cities with the exception of Tasmania. Brisbane was the best performing according to preliminary figures with 54.5 per cent of homes clearing at auction, while only 28.6 per cent of Perth homes sold.