Auction volumes increased week-on-week with 3,033 homes taken to auction across the combined capital cities this week, the second busiest week for auctions this year. The higher volumes saw the preliminary clearance rate come in lower with 78.6 per cent of the 2,585 results collected so far recording a sale, compared to the previous week when 2,902 homes were taken to auction and a preliminary auction clearance rate of 80.4 per cent was recorded, revising down to a final clearance rate of 77.7 per cent. One year ago, 480 auctions were held across the combined capitals, with just 59.9 per cent of reported auctions recording a successful result, although noting ongoing COVID-19 restrictions impacted on auction activity over this period.
Capital City Auction Statistics (Preliminary)
Looking at results by property type, preliminary results show houses are outperforming units, with 80.9 per cent of houses recording a sold result so far this week, compared to 71.1 per cent of units.
In Melbourne, 1,420 homes were taken to auction over the week, up from 1,310 over the previous week and 163 this time last year. Of the 1,222 results collected so far this week, 76.5 per cent were successful, down from the previous week when a 77.1 preliminary clearance rate was recorded, revising down to 75.1 per cent at final figures.
Weekly Clearance Rate, Combined Capital Cities
Sydney saw 1,157 homes taken to auction this week, up from 1,119 over the previous week and 216 this time last year. Preliminary results show that of the 985 auctions reported so far, 82.6 per cent were successful. Last week’s preliminary clearance rate was a higher 83.5 per cent, which revised down to 80.2 per cent at final figures.
Across the smaller capital cities, Canberra recorded a preliminary auction clearance rate of 85.5 per cent, followed by Adelaide where preliminary results show 77.0 per cent of auctions were successful. Brisbane recorded a preliminary auction clearance rate of 72.0 per cent, while in Perth, 47.8 per cent of reported auctions were successful.