Auction markets have shown a strong result on higher volumes, with preliminary clearance rates around the 80% mark across the largest auction markets as the number of properties taken to auction tracks well above levels from a year ago.
There were 1,555 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 78.6 per cent. In comparison, 1,167 auctions were held last week, returning a preliminary clearance rate of 69.4 per cent, before revising down to a final clearance rate of 67.7 per cent. Over the same week last year, auction volumes were lower with 1,450 homes going under the hammer across the combined capital cities, returning a final auction clearance rate of just 51.2 per cent.
In Melbourne, a preliminary auction clearance rate of 79.2 per cent was recorded across 717 auctions this week, while last week there were 419 auctions returning a final clearance rate of 68.5 per cent. One year ago, the clearance rate was just 52.5 per cent across 657 auctions.
There were 578 auctions held in Sydney this week, returning a preliminary clearance rate of 80.3 per cent. In comparison, there were 447 auctions held over the previous week and the final auction clearance rate was 77.6 per cent. One year ago, 523 auctions were held and the clearance rate came in at 54.6 per cent.
Across the smaller auction markets, Brisbane had the highest volume of auctions with 104 homes going under the hammer, returning a preliminary clearance rate of 61.5 per cent.