There were 1,535 homes taken to auction across the combined capital cities this week, down only slightly from the 1,567 originally scheduled. In comparison, there were 1,960 auctions held across the combined capitals over the previous week, and 866 over the same week last year.

So far, 1,183 results have been collected this week, returning a preliminary auction clearance rate of 67.3 per cent. The previous week saw a preliminary auction clearance rate of 55.4 per cent, which revised up to 58.0 per cent at final figures, while this time last year, 60.5 per cent of auctions were successful.

In Melbourne, 531 homes were taken to auction, compared to 928 over the previous week and just 28 this time last year. Of the 371 results collected so far, 53.6 per cent were withdrawn, resulting in a preliminary auction clearance rate of 44.5 per cent. Of the 165 sold results, 57.6 per cent were sold prior to the scheduled auction date. In comparison, 61.6 per cent of reported auctions were withdrawn over the previous week and a final auction clearance rate of 35.9 per cent was recorded, the lowest clearance rate since mid-September 2020.

There were 609 auctions held in Sydney this week, compared to 592 over the previous week and 608 over the same week last year. Of the 519 results collected so far, 84.0 per cent were successful, the highest preliminary clearance rate the city has seen since mid-April. Of the 436 sold results, 55.5 per cent were sold prior to the scheduled auction date. Last week, Sydney’s preliminary auction clearance rate was lower (82.7 per cent), revising down to 80.2 per cent at final figures. Sydney’s final clearance rate has held above 80.0 per cent for two of the last three weeks, with this week likely to be no different as the remaining results are collected.

Across the smaller auction markets, Brisbane was the best performing this week with a preliminary auction clearance rate of 78.8 per cent, followed by Adelaide (75.7 per cent), Canberra (57.4 per cent), and Perth (50.0 per cent). There was only 1 auction recorded in Tasmania this week which was unsuccessful.

This article was first publsihed by CoreLogic. 

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