Preliminary clearance rate weakens and auction volumes drop slightly across the combined capital cities.
There were 2,245 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 61.0 per cent, while last week, 2,311 auctions were held and the final clearance rate came in at 62.1 per cent. Over the same week last year, auction volumes were higher with 2,409 homes going under the hammer across the combined capital cities, and the clearance rate was a stronger 72.8 per cent.
If we look at results by property type, units outperformed the house market this week with 63.6 per cent of units selling at auction, while 59.8 per cent of houses sold across the combined capital cities.
In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 61.2 per cent was recorded across 1,090 auctions this week, down from 63.7 per cent across 1,144 auctions last week. One year ago, the clearance rate was a stronger 75.0 per cent across 1,098 auctions. There were 767 auctions held in Sydney this week returning a preliminary auction clearance rate of 62.5 per cent, compared to 63.1 per cent across 797 last week, and 74.5 per cent across 960 auctions one year ago.
Once clearance rates are finalised early next week, its highly likely they will be revised lower, with both Sydney and Melbourne clearance rates potentially falling below the 60% mark.
Across the smaller auction markets, preliminary results show that Canberra was the best performing in terms of clearance rate with a 77.1 per cent success rate across 80 auctions.
