Preliminary auction clearance rates hold around the mid 50% range, indicating subdued auction conditions over the first three weeks of spring
There were 2,404 homes taken to auction across the combined capital cities this week, increasing from 1,983 over the previous week. Despite the fact auction volumes have been increasing over the month, 378 fewer auctions were held this week compared to the same week last year, predominantly due to the decline in auction volumes across Sydney and Melbourne, our two largest auction markets.
Preliminary results show a clearance rate of 55.5 per cent across the combined capital cities this week, increasing from last week’s final clearance rate of 51.8 per cent although this will revise lower as the remaining results are collected. The finalised clearance rates have held in the low-mid 50 per cent range for the last 8 weeks and it’s likely that this week will return a similar result. Over the same week last year the final clearance rate was recorded at 66.2 per cent.
In Melbourne, a preliminary auction clearance rate of 55.5 per cent was recorded across 1,158 auctions this week, while last week there were 988 auctions returning a final clearance rate of 54.1 per cent. This time last year, 1,361 auctions were held across the city, returning a clearance rate of 70.6 per cent. There were 850 auctions held in Sydney this week returning a preliminary clearance rate of 57.3 per cent although again this will revise down over the week as more results are collected. In comparison, there were 669 auctions held over the previous week and the final auction clearance rate was just 48.6 per cent, the lowest result the city has seen since mid-July. One year ago, 1,033 auctions were held and the clearance rate came in at 65.9 per cent.