There were 1,400 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 59.1 per cent, while last week, 1,324 auctions were held and the final clearance rate came in at 54 per cent. Over the same week last year, auction volumes were higher with 2,040 homes going under the hammer across the combined capital cities, and the clearance rate was a stronger 67.5 per cent.
If we look at results by property type, houses outperformed the unit market this week with 60 per cent of houses selling at auction, while 57.1 per cent of units sold across the combined capital cities. An interesting result this week considering so far this year the unit market has consistently been the better performer.
Auction results by property type
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 61.3 per cent was recorded across 718 auctions this week, up from 57 per cent across 629 auctions last week. One year ago, the clearance rate was a stronger 69.8 per cent across 955 auctions.
There were 459 auctions held in Sydney this week returning a preliminary auction clearance rate of 59.1 per cent, compared to 51.9 per cent across 462 last week, and 67.6 per cent across 798 auctions one year ago.
Across the smaller auction markets, preliminary results show that Adelaide was the best performing in terms of clearance rate with a 59.2 per cent success rate across 67 auctions.