This week, the combined capital city preliminary auction clearance rate held firm relative to last week across a lower volume of auctions. There were 823 homes taken to auction over the week, down from 866 over the previous week and 1,639 this time last year. Of the 657 results collected so far, 67.3 per cent were successful, roughly equivalent to last week’s preliminary figure of 67.5 per cent which later revised down to 60.5 per cent at final collection. Over the same week last year, a final clearance rate of 72.8 per cent was reported across the combined capitals.
Auction activity fell to a new record low across Melbourne this week with just 14 homes taken to auction while the city remains in lockdown. Of the 11 results collected so far, just 3 were successful (all sold prior to auction), while the remaining 8 auction results were reported as withdrawn, dragging the preliminary clearance rate down to 27.3 per cent. Over the previous week, 28 auctions were held across the city, while this time last year, 826 Melbourne homes were taken to auction.
Sydney was host to 606 auctions this week, similar to last week when 608 auctions were held, although higher than this time last year when 585 homes were taken to auction. Of the 507 auction results collected so far, 70.4 per cent were successful, up slightly from last week’s preliminary result of 69.5 per cent which revised down to 62.3 per cent at final results. This time last year, Sydney recorded a final auction clearance rate of 76.0 per cent.
Across the smaller markets, Canberra recorded the highest preliminary clearance rate of 83.0 per cent, across 47 auction results, followed by Adelaide with a preliminary clearance rate of 75.9 per cent across 29 results.