There were 3,276 auctions held across the combined capital cities this week, returning a preliminary auction clearance rate of 63.5 per cent, increasing on last week’s final auction clearance rate of 61.1 per cent when the combined capitals recorded the third busiest week for auctions so far this year (3,438). Over the same week last year, auction volumes were similar to this week (3,207), although the clearance rate was considerably higher at 72.3 per cent.
Across the two largest auction markets, Melbourne and Sydney, both cities saw an increase in the rate of clearance over the week, however the 66.0 per cent preliminary clearance rate across Melbourne is only slightly higher than last week’s final; this is likely to revise lower as final results are collected and potentially surpass last week as the lowest seen since June 2016. While the performance across the smaller markets was varied this week, with Canberra recording the highest preliminary clearance rate of 75.6 per cent, while only 44.9 per cent of homes sold across Brisbane.
