There were just under 2,000 capital city homes taken to auction this week; an increase in volumes of 21% over the week (1,639 last week). The higher volumes returned a preliminary auction clearance rate of 74 per cent, increasing on last week’s final result of 72.8 per cent. While we did see a pickup in auction activity this week, volumes remain lower than one year ago, over the same week last year around 400 more properties were taken to auction, although almost half of these failed to sell.
Across the individual property types, the last five weeks has seen houses consistently outperformed units in terms of clearance rate with 74.9 per cent of houses selling at auction this week, while across the unit market a lower 71.2 per cent preliminary clearance rate was recorded.
There were 1,022 Melbourne homes taken to auction this week, 77.8 per cent of which returned a successful result, up on the 74.5 per cent final auction clearance last week when volumes were lower (826). One year ago, 53.8 per cent of the 1,161 Melbourne homes taken to auction cleared.
Sydney returned a final auction clearance rate of 76.6 per cent this week as volumes increased across the city. There were 647 homes taken to auction, up on the 585 homes auctioned the week prior when 76 per cent sold. Last year, a higher 851 Sydney homes were auctioned returning a 51.1 per cent success rate.
Canberra was the best performing of the smaller auction markets, with a preliminary auction clearance rate this week of 65.3 per cent, Adelaide followed closely with 59.2 per cent of homes selling at auction.