Preliminary clearance rates hold firm as volumes across the combined capital cities reach their highest level year-to-date and Melbourne records its busiest auction week on record.
This week, the combined capital cities saw the number of auctions held reach a new year-to-date high, with a total of 3,690 held, surpassing the previous 2017 high recorded over the week prior to Easter when 3,517 auctions were held. The higher volumes returned a preliminary auction clearance rate of 67.8 per cent, rising from a final clearance rate of 64.7 per cent last week, when fewer auctions were held (2,519). This week’s surge in volumes can be attributed to activity across Australia’s largest auction market in Melbourne, where volumes across the city reached their highest on record this week, with 1,983 held recording a preliminary auction clearance rate of 71.7 per cent. Sydney also saw a substantially higher volume of auctions this week with 1,196 homes taken to auction, recording a clearance rate of 64.1 per cent. Sydney’s clearance rate has been consistently below 65 per cent since the first week of October. Activity across the remaining auction markets was varied with Brisbane recording the lowest preliminary clearance rate (47.1 per cent). Historically auction volumes have peaked around late November / early December; if this trend holds true this year, we could see new records being set for auction volumes as the Spring season concludes.
