There were 2,837 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 74.5 per cent. Last week, in what was the busiest auction week of the year, 3,206 auctions were held and the final clearance rate came in at 73.6 per cent. Over the same week last year, auction volumes were lower with 2,631 homes going under the hammer across the combined capital cities, returning a final auction clearance rate of just 41.0 per cent.
In Melbourne, a preliminary auction clearance rate of 75.3 per cent was recorded across 1,491 auctions this week, while last week there were 1,533 auctions returning a final clearance rate of 74.8 per cent. One year ago, the clearance rate was just 43.8 per cent across 1,283 auctions.
There were 936 auctions held in Sydney this week, returning a preliminary clearance rate of 78.1 per cent. In comparison, there were 1,221 auctions held over the previous week and the final auction clearance rate was 78.1 per cent. One year ago, 870 auctions were held and the clearance rate came in at 41.3 per cent.
Across the smaller auction markets, Adelaide had the highest volume of auctions with 146 homes going under the hammer, returning a preliminary clearance rate of 61.8 per cent.
Results across the individual property types saw houses outperform units with a preliminary auction clearance rate of 75.1 per cent, while 72.7 per cent of units sold at auction.
Auction markets have been tested on higher volumes over the past few weeks, with the highest number of auctions held so far this year. Despite higher supply levels, clearance rates have held above 70% across the largest markets, demonstrating the market has some depth and sellers remain in a strong position.