The combined capital cities returned a preliminary auction clearance rate of 65.4 per cent this week across 3,335 auctions making it the third busiest week for auctions so far this year, increasing from 62.8 per cent across 2,907 auctions last week. This time last year, 2,987 homes were taken to auction and a clearance rate of 74.4 per cent was recorded. The final clearance rate has remained below 65 per cent for the last 4 weeks and it’s likely that this will be the case again on Thursday when the final results are released. One of the biggest contributors to the softer auction market conditions is Sydney, where the final clearance rate has remained below 60 per cent since the last week of October, while Melbourne has slipped below 70 per cent for the second week in a row.
Melbourne was host to 1,717 auctions this week and a preliminary clearance rate of 69.6 per cent was recorded, making it the second busiest week for auctions in Melbourne this year. Last week saw the final clearance rate drop to 69.2 per cent across 1,296 auctions, the lowest clearance rate the city has seen since the beginning of July 2016. One year ago, 1,303 auctions were held across Melbourne and 79.4 per cent were successful. Looking at the sub-regions of Melbourne, 4 of the 9 sub-regions recorded clearance rates above 70.0 per cent with the stand outs being the Mornington Peninsula (82.8 per cent), North West (78.1 per cent), and West (76.8 per cent) regions.
Across Sydney, preliminary results show that 61.5 per cent of the 756 reported auctions sold this week. There were 1,035 properties taken to auction across the city, down from 1,102 last week when the final clearance rate was recorded at 58.5 per cent. Over the same week last year, 1,082 auctions were held and a clearance rate of 79.6 per cent was recorded. Looking at the sub-regions of Sydney, North Sydney and Hornsby had both the highest number of auctions this week (154), and the strongest rate of clearance, recording a preliminary clearance rate of 72.4 per cent.
The preliminary clearance rate in Brisbane rose to 49.6 per cent across 213 auctions this week, from 44.1 per cent across 209 auctions last week, while this time last year 262 auctions were held and a clearance rate of 45.2 per cent was recorded. Meanwhile, across the Gold Coast, 39.2 per cent of the 51 reported auctions were successful.
In Adelaide, a 66.3 per cent preliminary result was recorded this week across 146 auctions. Last week, 128 Adelaide auctions returned a clearance rate of 62.0 per cent for the city, while at the same time last year, 137 homes were taken to auction, with 66.0 per cent recording a successful result.
Perth’s clearance rate of 60.0 per cent across 25 auction results is up from last week, when 40 auctions were held and a clearance rate of 50.0 per cent was recorded. Over the same week last year, the clearance rate was a lower 38.1 per cent, and 73 auctions were held.
Across Canberra, 130 homes were taken to auction this week. Preliminary results show a clearance rate of 67.6 per cent, down from 69.7 per cent the previous week.
Tasmania was host to 15 auctions this week and so far 7 results have been reported, returning a preliminary clearance rate of 85.7 per cent.