There were 1,791 homes scheduled for auction across the combined capital cities this week and of the 1,442 results collected so far, 73.6% have reported a successful result.
Capital City Auction Statistics (Preliminary)
This week’s volumes are not only higher than last week’s 1,728 auctions held, but the highest number of auctions held since the week ending 5th April. Preliminary figures indicate that the clearance rate weakened over the week, after last week’s higher preliminary figure of 75.1%, which later revised down to 70.6% at final figures. One year ago, a much higher 2,612 homes were auctioned, when a lower 68.5% cleared.
Weekly Clearance Rate, Combined Capital Cities
In Melbourne, volumes increased over the week with 632 properties scheduled to go under the hammer, of the results collected so far a preliminary clearance rate of 77.1% was recorded. This was higher than both last week and last year’s clearance rate, however volumes are only half of that seen last year. Last week, 604 Melbourne homes were auctioned recording a final auction clearance rate of 69.7% and last year a 70.1% clearance rate was achieved across 1,221 auctions.
There were 807 Sydney homes taken to auction over the week, preliminary figures show that 76.2% sold, lower than last week’s preliminary figure of 76.6% when volumes were a higher 840. Sydney’s final clearance rate came in at 71.3% last week, so it’s likely this week’s will be similar. One year ago, 940 Sydney homes were auctioned returning a final clearance rate of 76%.
Across the smaller cities, Canberra was the standout performer for another week with over 80% of auctions successful. Adelaide’s clearance rate took a hit as the city entered into lockdown during the week, reducing from an 80.3% final clearance rate last week to a 41.2% preliminary success rate this week with the remaining 59% of auctions reportedly withdrawn.