There was a significant drop in the number of auctions across the combined capital cities this week, with 1,262 homes taken to auction, down on the 1,983 auctions held at final results last week. The overall lower activity was attributable to the drop in activity across Melbourne over the week, as the state paused amidst the AFL grand final hype.
Despite the lower activity across Australia’s busiest auction market, the combined preliminary clearance rate came in at 74.4 per cent, up from the 70.7 per cent final clearance rate last week. Over the same week last year, 895 homes were taken to auction returning a much lower clearance rate of 45.8 per cent.
Melbourne saw a significant drop in volumes this week with only 103 homes taken to auction, down from the week prior when 1,020 Melbourne homes were taken to auction. The lower volumes returned a preliminary auction clearance rate of 82.5 per cent, coming in higher than last week’s final clearance rate of 75.6 per cent and last year’s 57.7 per cent (70 auctions).
While activity slowed across Melbourne, the Sydney auction market took the show recording the busiest week for auctions since November last year, with 939 homes taken to market. Demonstrating the depth of market demand, the preliminary auction clearance rate maintained strength across the higher volumes coming in at 77.7 per cent, rising from the 72.7 per cent final clearance rate last week when 646 auctions took place. Last year, 608 Sydney homes were auctioned when a much lower 43.8 per cent sold.
Across the smaller auction markets, auction volumes were lower week-on-week across all cities. The best performing in terms of clearance rates was Adelaide with 62.2 per cent of auctions returning a successful result, Canberra followed with a 58.5 per cent preliminary auction clearance rate.