Auction activity across the combined capital cities increased this week, up from 2,409 auctions last week, to 2,794 this week, making it the sixth busiest week this year. This weeks weighted average clearance rate across the combined capitals was 77.2 per cent, increasing from a final clearance rate of 72.8 per cent over the previous week, while at the same time last year, both volumes (1,920) and the clearance rate (68.9 per cent) were lower.
The two largest auction markets, Melbourne and Sydney, saw their preliminary clearance rates rise, with Sydney at 80.7 per cent and Melbourne at 79.2 per cent, although Sydney, and to a lesser extent Melbourne, tend to revise down over the week when the remaining results are captured. Over the previous week, Sydney’s preliminary clearance rate of 79.4 per cent was revised down to 74.5 per cent when finalised. Across the smaller capital city markets, Brisbane was the only city where preliminary clearance rates fell week-on-week so again it will be interesting to see how the clearance rates hold when the final figures are released on Thursday.
