With 3,725 homes taken to auction this week, the combined capital cities experienced their busiest week since late March and their fifth busiest week since CoreLogic records commenced in 2008. Volumes were up 5.3% compared to last week (3,539) and more than double the number of auctions held at this time last year (1,803). Continuing the downwards trend seen since the recent peak in early October, the combined capitals preliminary clearance rate slipped further this week, with 74.5% of the 2,989 results collected so far selling before, at or after auction. Last week reported a preliminary clearance rate of 75.5%, revised down to 73.2% at final figures, while this time last year 69.1% of auctions held were successful.

Capital City Auction Statistics (Preliminary)

Across Melbourne, 1,644 homes were taken to auction this week up from the 1,564 that were held last week. This week was Melbourne's third busiest of the year, and marked its seventh consecutive week where auction volumes were in excess of 1,000. With 1,360 results collected so far, Melbourne’s preliminary clearance rate fell to 72.7%. The previous week recorded a preliminary clearance rate of 74.1%, which was later revised down to 71.8%. This time last year 70.0% of the 646 auctions held recorded a successful result.

Weekly clearance rate, combined capital cities

Sydney held 1,369 auctions this week, overtaking the week prior as its second busiest of the year. Volumes were up 8.7% compared to last week (1,259), while this time last year 805 auctions occurred. The increase in volumes saw Sydney’s preliminary clearance rate continue to fall for the seventh consecutive week, recording a rate of 73.4% with 1,360 results recorded so far. Last week reported a preliminary clearance rate of 75.1%, revised to 71.5% at final figures, while this time last year 71.6% of auctions were successful. Continuing the trend seen since mid-October, Sydney’s withdrawal rate increased this week, recording its highest withdrawal rate since late-July, (16.6%).

Capital City Auction Statistics (Preliminary)

Across the smaller capitals, preliminary clearance rate rose despite a record number of auctions held in Canberra and Adelaide. Canberra recorded the highest preliminary clearance rate, followed by Brisbane with 85.7% and 82.5% of auctions ending successfully. Adelaide recorded a preliminary clearance rate of 79.6%, however, given the significant upwards revising seen in Adelaide’s clearance rates last week and with 91 results outstanding, it’s possible the final clearance rate could exceed 80%. In Perth five of the twelve results collected so far were successful, while the single auction held across Tasmania this week reported a successful result.

Sub-region auction statistics (preliminary)