Capital cities saw 3,033 homes taken to auction this week, the second-busiest it’s been for the market for the entire year, according to recent figures from CoreLogic.
The numbers bumped up from last week’s 2,940 and last year’s 1,427. Of the 2,533 results collected so far, 81% were successful, marking the fifth consecutive week that preliminary clearance rates went above 80%.
In comparison, the preliminary clearance rate was at 81.8% last week and 66.9% last year.
Melbourne was host to 1,474 auctions this week, making it the third-busiest week for the city as it went down from last week’s 1,493. Of the 1,255 results collected so far, 80.1% were successful compared to last week’s 79.4% and last year’s 63.5%.
Meanwhile, Sydney took 973 homes to auction, up from the recorded 916 in the week prior. The 856 results collected so far brought the preliminary clearance rate to 80.8%.
“Once final results are collected, there is a chance we will see Sydney’s final auction clearance rate drop below 80% for the first time since the week ending 22nd August,” CoreLogic said.
Across smaller markets, Adelaide took the lead at 90.5%, followed by Canberra at 87.2% and Brisbane at 80.2%. There were two auctions held in Tasmania but results are yet to be reported.
The bar graph below compares the total number of auctions from both houses and units for each market this week to last year.
