There were 1,196 auctions held across the combined capital cities this week, significantly lower than the 2,201 held last week, and the 1,764 one year ago. The fall in auction volumes this week is due to the fact that four of the eight states and territories have a public holiday this coming Monday.
The preliminary auction clearance rate across the combined capital cities rose to 52.2 per cent this week, up from the final 50.4 per cent last week. Over the same week last year, the clearance rate was recorded at 63.3 per cent.
The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise, however volumes were lower week on week. Melbourne returned a 53.5 per cent preliminary auction clearance rate across 215 auctions and Sydney saw 58.2 per cent of the 702 auctions held successful.
Across the smaller auction markets, the highest clearance rate was in Adelaide where 55.3 per cent of auctions cleared over the week.
Looking at results by property type, units outperformed houses again this week with 55.4 per cent of units selling at auction, while 50.8 per cent of houses sold across the combined capital cities.