Combined capital cities overtake last week as the busiest auction week since mid-June

The combined capital cities saw 2,506 homes taken to auction this week – the busiest week since mid-June (2,528). While up 3.8% from the previous week (2,414), the number of homes taken to auction this week was -39.7% lower than this time last year (4,153).

Of the 1,921 results collected so far, 61.9% were successful. Last week’s preliminary clearance rate was 40 basis points lower (61.5%), revising down to 56.4% at final figures, the lowest clearance rate since late-August (55.8%). This time last year, 66.3% of reported auctions were successful.

Melbourne’s auction volumes held above 1,000 for the third consecutive week with 1,118 homes taken to auction this week, up 10.6% from last week (1,011), and -41.5% lower than the same week last year when 1,912 Melbourne homes were auctioned. Of the 894 results collected so far, 62.4% were successful, up 1.4 percentage points from last week (61.0%). Last week’s initial clearance rate revised down to 56.1% at final figures, the lowest final clearance rate the city has recorded since the week ending 24th July (52.0%). This time last year, 65.3% of reported auctions were successful.

There were 895 homes taken to auction across Sydney this week, down -3.7% from the 929 auctions held last week. With 701 results collected so far, 64.8% were successful, up 60 basis points from last week’s preliminary clearance rate of 64.2%, which revised down to 58.6% at final figures. This time last year, 1,466 homes were taken to auction across the city, and a clearance rate of 63.8% was reported.

Across the smaller capital cities, Adelaide was the busiest auction market this week (178), followed by Brisbane (171) and Canberra (126).  Canberra has recorded the strongest preliminary clearance rate so far (67.0%), followed by Adelaide (62.1%) and Brisbane (42.3%). In Perth, three of the eight results collected so far returned a successful result, while just one of the three auctions held in Tasmania this week were successful.

Source Corelogic