There were 2,753 homes taken to auction over the week, increasing from 2,386 over the previous week, although much lower than this week last year when 3,390 auctions were held across the combined capital cities. Preliminary results show a clearance rate of 45.5 per cent this week, compared to 43.3 per cent last week, while one year ago, a final clearance rate of 60.9 per cent was recorded. As final results are collected we will likely see the clearance rate revise down below 45 per cent for the third consecutive week.
Melbourne was host to 1,411 auctions this week with preliminary results showing a clearance rate of 43.5 per cent, down from last week when 46.2 per cent of auctions were successful. Over the same week last year, the auction clearance rate was significantly higher with 66.9 per cent of the 1,732 auctions returning a successful result.
There were 874 auctions held in Sydney this week, up from 844 last week, although lower than this week last year when 1,061 homes were taken to auction across the city. Preliminary results show that 48.5 per cent of auctions were successful this week, up from just 42.1 per cent last week. Similar to the combined capital cities, the final auction clearance rate for Sydney has been below 45 per cent for three of the past four weeks, and it’s likely that we will see that again this week as final results are collected. In comparison, one year ago, the clearance rate across the city was recorded at 54.8 per cent. Across the smaller auction markets, preliminary results show an improvement in clearance rates across Adelaide, Brisbane, Canberra and Perth. Tasmania has reported 4 auction results so far and are yet to have a successful result.
The above results are preliminary, with ‘final’ auction clearance rates published each Thursday. CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.