There were 1,324 homes taken to auction across the combined capital cities this week, slightly up on the previous week when 1,278 auctions were held. Preliminary results show a clearance rate of 71.3 per cent, down from last week’s final clearance rate of 71 per cent. As the remaining results are collected, it’s likely that the final clearance rate will revise below 70 per cent for the first time since mid-August. This time last year, 1,817 auctions were held across the combined capitals, while the clearance rate was significantly lower (49.5 per cent).
Melbourne was host to 777 auctions this week, returning a preliminary clearance rate of 73.8 per cent. In comparison, last week saw just 107 homes taken to auction over what was the AFL grand final week, returning a final clearance rate of 80.2 per cent. Over the same week last year, a clearance rate of 51.8 per cent was recorded across 904 auctions.
With the NRL grand final on this weekend, auction volumes across Sydney dropped with just 316 homes taken to auction across the city. Preliminary results show a clearance rate of 79.8 per cent across the 233 results collected so far. Over the previous week, final results show 74.5 per cent of the 950 auctions were successful making it the busiest week the city has seen since November last year. One year ago, 611 auctions were held across Sydney returning a final clearance rate of 46.1 per cent.
Across the smaller auction markets, Adelaide and Canberra saw lower auction volumes week-on-week while Brisbane and Perth saw an increase in the number of homes taken to auction over the week. There were no auctions recorded in Tasmania this week.