Auction activity increased across the combined capital cities this week, with 2,239 homes taken to auction; the largest number of auctions held since the first week of June. The larger volume of auctions returned a preliminary auction clearance rate of 71.1 per cent, up from last week’s final results when 2,064 auctions were held and 69.8 per cent cleared.
Over the corresponding week last year, the clearance rate was 74.5 per cent and 2,153 auctions were held. It is expected as more results are collected that the final auction clearance rate will revise lower to remain within the high 60 per cent range, where clearance rates have been tracking since early June. Melbourne saw a higher volume of auctions this week (1,116), however the clearance rate for the city fell to 73.8 per cent, while Sydney’s preliminary clearance rate increased to 71.6 per cent across a higher volume of auctions week-on-week (814).
