Across the combined capital cities this week, the number of homes taken to auction rose to 2,011, compared with 1,857 over the previous week. This was the largest number of auctions held since the last week of June 2017 and approximately one third higher compared with the same week a year ago.
The preliminary auction clearance rate of 70.5 per cent has increased relative to last week’s final clearance rate, up from 68.2 per cent. However as more results are collected it is expected that the final auction clearance rate will revised lower to remain within the high 60 per cent range where it has tracked since the first week of June.
Over the corresponding week last year, the clearance rate was 75.0 per cent and 1,471 auctions were held. In Sydney, the preliminary clearance rate rose to 72.0 per cent, which was higher than Melbourne’s preliminary clearance rate of 71.0 per cent. Afar Melbourne has remained the stronger performer for many weeks it is possible that Melbourne’s final clearance rate could drop below the 70 per cent mark for the first time since July last year.
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