There were 2,697 auctions held across the capitals last week, the highest volume of homes taken under the hammer since the week leading into Easter (3,519).

Based on results collected so far, 68.2% of auctions were successful, which is the second lowest preliminary clearance rate so far this year after the week ending June 9th (King's birthday long weekend in some states and territories), when the preliminary clearance rate came in at 67.3%.

Melbourne hosted the largest volume of auctions, with 1,274 homes taken under the hammer.  68.3% of auctions have recorded a successful result so far, roughly on par with the previous week (68.5% which revised down to 61.3% on final numbers).

Sydney held its second busiest week of the year so far (after the week leading into Easter at 1,199), with 995 auctions held across the city.  70.3% of the results collected so far have returned a successful result, down slightly on the previous week's preliminary clearance rate of 70.6%, which was revised down to 63.2% once finalised.

Adelaide recorded the most auctions across the smaller capitals, with 206 homes taken to market, recording a preliminary clearance rate of 74.6% (lowest since the week ending August 4th at 66.7%).  Brisbane held the second-highest volume of auctions last week, with 134 homes taken under the hammer.  At 56.8%, last week's preliminary clearance rate was the lowest since mid-December last year.  ACT recorded a preliminary clearance rate of 48.6%, on par with the week ending August 4th as the lowest early success rate so far this year.

The number of auctions is set to drop substantially this week due to the AFL grand final long weekend, with around 1,930 capital city homes currently scheduled to go under the hammer.  Melbourne has around 250 homes scheduled for auction compared to nearly 1,300 auctions in Sydney.

Full details including clearance rates and top sales of the week can be found in the attached Property Market Indicator.

More CoreLogic readings

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