There were 1,202 homes scheduled for auction across the combined capital cities this week, similar to the previous week (1,224), although higher than this time last year (847). Of the 672 results that have been reported so far, 62.2 per cent were successful, up from last week’s final clearance rate of 60.2 per cent, and lower than this time last year (65.4 per cent). The number of results collected at a preliminary stage are lower than usual as we seek to confirm the status of scheduled auctions.

In Sydney, 538 homes were scheduled for auction this week, down from 580 over the previous week, although higher than one year ago when 316 homes were taken to auction across the city. Of the 294 auction results collected so far, 62.6 per cent were successful. In comparison, the previous week reported a final clearance rate of 61.5 per cent, while a clearance rate of 72.8 per cent was recorded this time last year. 

There were 475 auctions scheduled in Melbourne this week, up from 456 over the previous week and 348 over the same week last year. Preliminary results show that of the 256 results collected so far, 63.7 per cent were successful, while 24.6 per cent were reported as withdrawn (compared with only 12.2% of Sydney auctions) which is not surprising given the announcement earlier in the week that Melbourne would enter a 6 week lockdown at midnight on 8 July. The previous week saw a final clearance rate of 60.6 per cent, while this time last year, 70.6 per cent of Melbourne auctions reported a successful result.

Across the smaller capitals, Adelaide (65.5 per cent) and Canberra (64.5 per cent) were the only capitals to record a clearance rate above 60 per cent, with Brisbane reporting a preliminary clearance rate of 52.8 cent and Perth, on a low volume, at 37.5 per cent.