This week, the combined capital city preliminary auction clearance rate was down only slightly across a lower volume of auctions. There were 882 homes taken to auction over the week, down from 1,128 over the previous week and 1,533 this time last year. Of the 696 results collected so far, 67.5 per cent were successful, slightly lower than last week’s preliminary figure of 67.7 per cent which later revised down to 59.8 per cent at final collection. Over the same week last year, a final clearance rate of 72.3 per cent was reported across the combined capitals.
Auction activity came to a virtual halt in Melbourne this week with just 28 homes taken to auction. The lower activity is not overly surprising given the city has been in stage 4 lockdown for the past 5 weeks, meaning both onsite auctions and private inspections are currently banned in Melbourne. Of the 24 results collected so far, just 33.3 per cent were successful, with all but one sold prior to the auction event. Two thirds of Melbourne auctions were withdrawn this week, skewing the clearance rate lower. Over the previous week, 162 auctions were held across the city, while this time last year, 765 Melbourne homes were taken to auction.
Sydney was host to 625 auctions this week, down from 706 last week and 528 this time last year. Of the 491 auction results collected so far, 69.5 per cent were successful, down from last week’s preliminary result of 74.0 per cent which revised down to 64.2 per cent at final results. This time last year, Sydney recorded a final auction clearance rate of 75.7 per cent.
Across the smaller markets, Canberra recorded the highest preliminary clearance rate of 78.6 per cent, across 70 auction results, followed by Adelaide with a preliminary clearance rate of 69.0 per cent across 42 results.