This week, there were 41.5 per cent fewer homes taken to auction across the combined capital cities with activity significantly lower across Melbourne as the city is brought to a halt amidst the Spring Racing Carnival.

There were 1,535 capital city homes auctioned this week, lower than the 2,622 last week and similar to the 1,541 auctions held over the same week one year ago.

The lower week-on-week activity returned a preliminary auction clearance rate of 73.6 per cent which was lower than last week’s preliminary figure of 75.3 per cent across the higher volumes, which
later revised down to 72.2 per cent at final figures.

Melbourne

There were 254 Melbourne homes taken to auction this week; the lower volumes is what is traditionally see the week just prior to the Melbourne cup festivities, while also coming off the back of the busiest week for auctions this year last week (1,528).

The lower volumes this week saw the preliminary clearance rate fall, with 73.3 per cent of homes selling after last week’s final  auction clearance rate of 75.1 per cent.

Real Estate Institute of Victoria CEO, Gil King said the high clearance rate was good to see.

“Despite the lower number of auction activities due to the upcoming Melbourne Cup, the weekly clearance rate continues to stay above 70 per cent for the past four months," said Mr King.

“Last week almost a third of Victoria’s total auction sales occurred in Outer Melbourne, compared to the average for the year of 20 per cent, led by western suburb Taylors Hill which sold all four homes listed for auction.”

Sydney

A preliminary auction clearance rate of 79.4 per cent was recorded across Sydney this week, improving on last week’s final clearance rate of 74.3 per cent.

There were 832 auctions held across the city this week, increasing on last week’s 771 and higher than one year ago (813). 

Brisbane

In Brisbane there were 173 auctions held over the week, with a clearance rate of 55.4 per cent.

This equates to 101 properties being sold under the hammer.

32-enderley-avenue-clayfield.jpg_2.jpg

32 Enderley Avenue, Clayfield was sold at auction over the weekend by McGrath Real Estate. Photo: Luxury List 

Auctioneer Justin Nickerson of Apollo Auctions said South East Queensland continued its steady-as-she-goes manner of the past few weeks with another week of solid clearance.

"Although registered bidder numbers and the active bidding percentage was down, this was offset by a number of pre auction and one bidder sales," said Mr Nickerson.

"Volume continues to be strong, remaining consistent now right through until the Christmas break."

Other Markets

Adelaide followed up with 142 properties going up for auction and a clerance rate of 64.9 per cent.

Canberra was busy with 89 properties auctioned off and did well with a clearance rate of 74.6 per cent.

Perth had 39 properties go to auction with a clearance rate of 58.3 per cent.

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