The previous week was the busiest for auctions this year, yet still managed to return a robust success rate.
Volumes were up 33.5% on last week with 2,610 homes taken to auction across the combined capital cities.
The higher activity returned a preliminary auction clearance rate of 75.3%, only slightly lower than last week’s preliminary figure of 75.6%.
Compared to one year ago, volumes are lower. There were 2,928 auctions held over the same week last year. However, they delivered weaker results, with a much lower 47% of the auctions clearing.
The higher overall volumes this week can largely be attributed to the surge in activity across Melbourne. There were 1,528 Melbourne homes taken to auction this week, with volumes at their highest levels since this time last year. This uptick is not unusual over what is the pre Melbourne cup weekend each year.
Sydney recorded a preliminary clearance rate of 79.7% across 761 auctions this week, following last week’s final clearance rate of 79.2% — the strongest final result the city has seen since early 2017. One year ago, 798 auctions were held across Sydney returning a final clearance rate of 45.3%.
Results were more varied across the smaller auction markets last week, with Adelaide returning the strongest preliminary clearance rate of 68%, while Brisbane and Perth saw less than 50% of the actions result in a success.
