There were 2,155 homes taken to auction across the combined capital cities this week, with preliminary results showing a 56.8 per cent success rate. This is the third consecutive week where the preliminary clearance rate has been in the 56 per cent range so it is likely that we will see revision down to the low 50’s as final results are collected which is what we have seen over the last two weeks.
Through March the largest auction markets have seen the clearance rate holding around the mid-to-low 50% range which is lower than the same time last year, but a substantial improvement relative to late 2018. While there has clearly been a seasonal bounce in the clearance rate, auction results are holding reasonably firm on higher volumes. The number of auctions is likely to rise further in the lead up to Easter; if we see the clearance rate continuing to hold around the mid-to-low 50% range it will be a strong sign that the fit between buyer and seller pricing expectations is becoming more balanced.
Last week, 1,667 auctions were held and the final clearance rate came in at 50.9 per cent. Over the same week last year, auction volumes were significantly lower due to the Easter weekend with just 670 homes going under the hammer across the combined capital cities, although the clearance rate was a stronger 64.8 per cent.
In Melbourne, a preliminary auction clearance rate of 53.4 per cent was recorded across 991 auctions this week, down from 55.1 per cent across 814 auctions over the previous week. Last week’s clearance rate was the highest the city had seen since September 2018. Over the same week last year, just 152 homes were taken to auction across the city, returning a clearance rate of 65.5 per cent.
Sydney was host to 789 auctions this week, with preliminary results showing a 65.9 per cent success rate, compared to 52.1 per cent across 506 auctions last week. This time last year, the clearance rate was a stronger 67.9 per cent across 394 auctions.
Across the smaller auction markets, Brisbane was the only city to see an increase in the number of homes taken to auction this week, while all other cities saw lower volumes week-on-week.