There were 2,375 homes taken to auction across the combined capital cities this week, up from 1,555 over the previous week. Preliminary results show a clearance rate of 72 per cent, after last week’s final clearance rate dropped to 68 per cent. Once the remaining results are collected, the clearance rate will likely revise below 70 per cent for the second week in a row. One year ago, 2,386 auctions were held across the combined capitals, with only 43.3 per cent returning a successful result.
Melbourne saw 1,016 homes taken to auction this week, returning a preliminary clearance rate of 70.8 per cent. Over the previous week, just 255 homes were taken to auction, returning a final clearance rate of 69 per cent, the first time Melbourne has seen the clearance rate fall below 70 per cent since July. It is likely the clearance rate will revise below 70 per cent once again as results are finalised. Over the same week last year, a clearance rate of 46.2 per cent was recorded across 1,127 auctions.
There were 931 homes taken to auction across Sydney this week making it the 2nd busiest auction week of the year for the city. Preliminary results show a clearance rate of 81 per cent, which will likely revise to around the mid-70s over the week. The previous week saw a final clearance rate of 74.6 per cent across 843 auctions. One year ago, 844 auctions were held across Sydney returning a final clearance rate of 42.1 per cent.
Across the smaller auction markets, Canberra and Perth saw an increase in auction volumes week-on-week while Adelaide, Brisbane and Tasmania saw fewer homes taken to auction over the week.