There were 1,631 homes taken to auction across the combined capital cities this week, compared to 1,672 over the previous week and 1,082 this time last year. Of the 1,330 results collected so far, 82.4 per cent were successful which is the highest preliminary clearance rate recorded across the combined capitals since late March 2021. The previous week saw a preliminary auction clearance rate of 74.6 per cent, revising up to 75.1 per cent at final figures, while this time last year, 64.2 per cent of auctions were successful.
Capital City Auction Statistics (Preliminary)
In Melbourne, 343 homes were taken to auction this week, down -5.8 per cent from the 364 originally scheduled. Over the previous week, 431 auctions were held across the city, while this week last year 40 auctions were held. Of the 254 results collected so far, just 16.1 per cent were withdrawn, pushing the preliminary auction clearance rate up to 77.2 per cent, the highest preliminary clearance rate the city has seen since the week ending 23rd May. Of the 196 sold results, 37.8 per cent were sold prior to the scheduled auction date. The previous week saw 35.9 per cent of Melbourne auctions reported as withdrawn, and 59.0 per cent of successful auctions were sold prior, returning a preliminary auction clearance rate of 56.4 per cent, revising up to 58.5 per cent at final figures. Vendor confidence is improving with the return of one-on-one property inspections in Melbourne, and this can be seen in the lower withdrawal rates, leading to higher clearance rates.
Weekly Clearance Rate, Combined Capital Cities
There were 841 auctions held in Sydney this week, compared to 786 over the previous week and 812 over the same week last year, overtaking the previous week as the busiest auction week for Sydney since late June. Of the 747 results collected so far, 84.3 per cent were successful, the highest preliminary clearance rate Sydney has seen since the week ending 18th April. Last week, Sydney’s preliminary auction clearance rate was a lower 82.3 per cent, revising down to 80.5 per cent at final figures, while this time last year, 65.4 per cent of reported auctions were successful.
Across the smaller auction markets, Adelaide was the best performing this week with a preliminary auction clearance rate of 87.7 per cent, followed by Canberra (85.9 per cent) and Brisbane (79.7 per cent). In Perth, 9 of the 12 auction results have been reported so far, with 4 successful results, while in Tasmania, 1 of the 2 auctions has been reported as sold.