Volumes Rise Across the Combined Capital Cities Returning a Preliminary Clearance Rate of 70.3%

There were 2,490 auctions held across the combined capital cities this week, up from 2,258 last week, making it the busiest week for auctions since the beginning of June. Based on preliminary results, the combined capital city clearance rate was recorded at 70.3 per cent this week, up from 66.9 per cent last week, although this will likely revise lower over the next few days as the remaining results are collected. Over the corresponding week last year, auction volumes were lower, with 2,149 properties taken to auction and a clearance rate of 76.2 per cent was recorded. Melbourne had the highest number of auctions this week, with 1,268 auctions held, and a higher preliminary clearance rate week-on-week (73.6 per cent), while the highest preliminary clearance rate was recorded in Adelaide (75.0 per cent across 72 reported auctions).

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There were 1,268 auctions held in Melbourne this week with a preliminary clearance rate of 73.6 per cent. This week’s result shows a rise in the clearance rate for the city, after Melbourne’s final clearance rate was recorded at 71.8 per cent last week. Over the same week last year, Melbourne’s clearance rate was 77.8 per cent across 965 auctions. Of the Melbourne sub-regions, just 3 of the 9 regions recorded clearance rates above 75 per cent, with the highest clearance rate recorded across the North East, where preliminary results are showing 83.5 per cent of the 133 results were successful, followed by the Mornington Peninsula where 82.4 per cent of auctions cleared.

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In Sydney, 897 auctions were held this week, up from 826 over the previous week. The preliminary clearance rate of 69.4 per cent is up from 65.8 per cent last week, however much lower than this time last year, when a clearance rate of 81.6 per cent was recorded across 815 auctions. The clearance rate for Sydney is yet to drop below 65.0 per cent this year so it will be interesting to see how the clearance rate holds up on Thursday when the final figures are released. Looking at the sub-regions of Sydney, the Sutherland region recorded the strongest clearance rate of 81.3 per cent across 41 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (160).

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There were 132 Brisbane homes taken to auction this week, with 98 results reported so far. The preliminary clearance rate for the city is 49.0 per cent, up from 38.8 per cent last week and higher than one year ago, when 48.4 per cent of the 141 properties taken to auction were successful. Across the Gold Coast 27 results have been reported so far, with a success rate of 48.2 per cent.

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This week, Adelaide saw a preliminary clearance rate of 75.0 per cent, with 72 reported results across a total of 98 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 66.2 per cent and 74.7 per cent one year ago.

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There were 33 Perth auctions this week and so far 17 results have been reported, with 35.3 per cent selling. Last week there was a 41.7 per cent clearance rate for Perth.

Across Canberra a total of 62 auctions were held this week, compared to 72 last week and 87 at the same time last year. Canberra’s preliminary clearance rate of 73.1 per cent is higher than it was the previous week (70.1 per cent).

There were no Tasmanian auctions held this week.