Auction markets are passing the test of higher volumes with strong results, with volumes reaching similar levels to those seen around the end of last year over the seasonal hype pre slowdown period when clearance rates were tracking around the mid 60% to low 70% range.
There were 2,933 capital city homes taken to auction this week, returning a preliminary auction clearance rate of 77.1%. This week’s volumes are higher than last week’s 2,517 auctions held, which returned an only slightly higher preliminary clearance rate (77.7%), later revising down to 72.7% at final figure. It is likely this week’s final clearance rate will revise down to be similar. One year ago, a lower 2,201 capital city homes were taken to auction with just over half selling (50.4%).
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 77.1% was recorded across 1,567 auctions this week; the busiest week for auctions Melbourne has seen since October 2018 (1,709). Over the week prior, 1,248 auctions were held returning a final clearance rate of 76.1%.
There were 1,045 Sydney homes taken to auction this week, returning a preliminary auction clearance rate of 81.4%, which was the highest preliminary results across the capital city markets. This week’s result is an improvement on the previous weeks’ final clearance rate when volumes were lower (74.5%- 963 auctions).
Across the smaller auction markets, preliminary results show that Canberra was the best performing in terms of clearance rate with a 67.7% success rate across 82 auctions. Followed by Brisbane (63.2%), and Adelaide (62.7%), while only 37.5% of homes sold at auction across Perth.