There were 2,750 homes taken to auction across the combined capital cities this week, with volumes down by -5.6 per cent on last week’s 2,912 auctions; the second busiest week of 2019.

Preliminary results show a clearance rate of 69.2 per cent, after last week’s final clearance rate of 71.1 per cent.

One year ago, 2,406 auctions were held across the combined capitals, with only 40 per cent returning a successful result.

At a Glance:

• 2,750 homes went to auction across the combined capital cities
• The preliminary clearance rate is 69.2 per cent
• In the same week last year 44.2 per cent clearance rate was recorded

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Capital City Auction Statistics. Source: CoreLogic

Melbourne

Melbourne saw 1,394 homes taken to auction this week, returning a preliminary clearance rate of 73.2 per cent.

Over the previous week, a higher 1,520 homes were taken to auction, returning a final clearance rate equal to this week’s preliminary result (73.2 per cent).

Over the same week last year, a much lower clearance rate of 44.2 per cent was recorded across 1,173 auctions. 

Sydney

There were 846 homes taken to auction across Sydney this week, down on the week prior when 976 auctions were held. Preliminary results show a clearance rate of 73.6 per cent, which was slightly lower than last week’s final result (73.8 per cent).

Craig Stokes of Devine Real Estate said the bidding for the property at Lower St George's Crescent in Drummoyne 'went mental'.

"There were eight bidders registered," said Mr Stokes.

"Four of them were active, but the auction came down to two bidders who eventually pushed the price $650,000 above reserve."

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10/106 Lower St Georges Crescent Drummoyne went under the hammer through Craig Stokes of Devine Real Estate. Photo: Luxury List

One year ago, 723 auctions were held across Sydney returning a final clearance rate of only 38.8 per cent.

Brisbane

There were 180 homes that went under the hammer in Brisbane with a 45.8 per cent clearance rate.

In South East Queensland, Justin Nickerson of Apollo Auctions said the year closed out its last high volume week for the year with another solid overall performance.

"The clearance rate had a slight dip this week but remained relatively consistent which has been a feature across the last two months," said Mr Nickerson.

"Registered bidder numbers on average increased this week - highlighted by a few auctions with double figure registration numbers."

Other Markets

The smaller capital cities returned varied results, with Adelaide coming in with the highest preliminary clearance rate of 60.6 per cent, while only 34.4 per cent of Perth homes sold at auction.

Auction activity won’t pick up in earnest until early February next year as the market emerges from the seasonal festive period slowdown.

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