The preliminary auction clearance rate edged higher last week, rising to 67.4% from 66.6% the week prior (revised lower to 60.8% on final numbers).

The improvement was recorded across 2,510 auctions, a reduction from the 2,598 auctions held over the previous week. Over the same week last year, 2,463 auctions were held across the combined capitals.

There were 1,069 auctions held across Melbourne last week, the third week running where more than 1,000 properties have gone under the hammer.  69.2% of auctions recorded a successful outcome, the highest preliminary clearance rate in six weeks. The previous week’s preliminary clearance rate came in at 64.8%, revising down to 57.6%.

Last week saw 978 homes auctioned across Sydney, returning a preliminary clearance rate of 70.5%, the highest in five weeks. Over the previous week, 1,018 homes were taken to auction across the city and a preliminary clearance rate of 69.0% was recorded (revised to 63.0% on final numbers).

Brisbane held the most auctions across the smaller capitals (227), returning a preliminary clearance rate of 47.6% which was the weakest result since the last week of April last year (43.0%).

145 homes were auctioned in Adelaide, with 72.0% recording a successful result so far, the strongest result in three weeks.

71 auctions were held across Canberra with a preliminary clearance rate of 55.6%.

More than 3,000 homes are scheduled for auction this week, providing a timely test of the market’s depth.

View the full report here. 

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