There were 2,407 auctions held across the combined capital cities this week, with a preliminary auction clearance rate of 69.6 per cent. Last week, the final clearance rate fell to 67.8 per cent, recording the lowest clearance rate year to date, across 1,279 capital city auctions. This is the 3rd week in a row now where the combined capital city clearance rate has trended below 70 per cent. At the same time last year, auction volumes were lower than this week, with 2,183 properties taken to auction and a clearance rate of 67.4 per cent. Across Sydney, preliminary results show an improvement in the rate of clearance after last week’s final result saw the clearance rate drop below 70 per cent, however as more results are collected it’s likely Sydney’s final clearance rate will again slip below the 70 per cent mark. Melbourne’s auction results have also moderated, however the clearance rates remain well above 70 per cent, indicating some resilience in selling conditions relative to Sydney.
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