There were 3,409 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 66.9 per cent, overtaking last week as the third busiest week for auctions so far this year. Last week, based on final results, 60.9 per cent of the 3,390 auctions held recorded a successful result, the lowest clearance rate since late 2015/early 2016.
Once final results are collected, the combined capital city clearance rate tends to revise down so at this stage it’s looking like the final clearance rate on Thursday will be in the mid to low 60 per cent range for the sixth week in a row. Sydney and Melbourne, the two largest auction markets, have seen clearance rates increase week-on-week after last week saw both cities recording their lowest clearance rates for the year so far, however as usual, these clearance rates will revise lower over the week. Over the same week last year, a total of 3,398 homes were taken to auction across the combined capital cities, and a clearance rate of 73.0 per cent was recorded.