There were 901 homes taken to auction across the combined capital cities this week returning a preliminary clearance rate of 70.6 per cent.
Last week saw 847 homes taken to auction with the final clearance rate coming in at 65.4 per cent, the first time we have seen a final clearance rate hold above 65 per cent since March last year. As remaining results are collected, we expect the final clearance rate across the combined capitals will revise down to around the mid-60s again this week. Over the same week last year, auction activity was higher with 1,257 homes taken to auction returning a clearance rate of 57.0 per cent.
Melbourne was host to 416 auctions this week, returning a preliminary clearance rate of 70 per cent. In comparison, last week saw 348 homes taken to auction and a final clearance rate of 70.6 per cent was recorded. Over the same week last year, a clearance rate of 59.9 per cent was recorded across 613 auctions.
Sydney recorded a preliminary clearance rate of 81.5 per cent across 303 auctions this week. It is likely that the final clearance rate will revise down to around the mid-70s once remaining results are collected. Over the previous week, 72.8 per cent of the 316 auctions were successful, the second week in a row where the final clearance rate held above 70 percent. One year ago, 407 auctions were held across Sydney returning a final clearance rate of 55.2 per cent.
Across the smaller auction markets, Brisbane and Tasmania saw higher auction volumes week-on-week while Adelaide saw 3 fewer homes taken to auction. Perth saw no change in auction volumes.
Written by Caitlin Fono – CoreLogic – 22 Jul 2019