Preliminary clearance rate inches higher as auction activity plummets across the combined capitals 

With 1,471 homes auctioned across the combined capitals, this was the quietest auction week since mid-July with each of the capitals recording a decline in auction activity.

Falling for the first time in three weeks, the number of auctions held this week was down -23.1% from the 1,913 auctions held last week. This result is a -8.4% below the number held this time last year (1,606). 1,169 results are collected so far, with the combined capital preliminary clearance rate inching higher with 59.5% of auctions reporting a successful result. The previous week recorded a preliminary clearance rate of 58.8%, while this time last year 74.0% of auctions held were successful.

There were 620 auctions held across Melbourne this week, down 23.4% compared to last week, when 809 auctions were held. Up 80 basis points, Melbourne’s preliminary clearance rate rose for the third consecutive week with 61.7% of the 522 results collected so far returning a successful result. A preliminary clearance rate of 60.9%, later revised to 56.6%, was recorded the previous week, while this time last year 69.1% of the 662 auctions held returned a successful result.

Sydney recorded its quietest auction week since late January this week, with just 476 homes auctioned across the city. The previous week saw 624 homes go under the hammer, while 564 auctions were held this time last year. With 381 results collected so far, Sydney’s preliminary clearance rate rose above the 60% mark for the first time since late May, with 60.6% of auctions returning a successful result. While up 5.1 percentage points compared to the previous week’s preliminary clearance rate of 55.6% (revised to 50.0% at final figures), this week’s result is still 16.9 percentage points below the clearance rate recorded this time last year (77.6%). Despite the rise in its preliminary clearance rate, Sydney’s withdrawal rate (23.9%) remained above 20% for the 7th consecutive week.

Each of the smaller capitals recorded a decrease in auction activity this week, while Adelaide (-14 percentage points), Brisbane (-30 basis points) and Canberra (-5.1 percentage points) also recorded declines in the preliminary clearance rates. Brisbane hosted the busiest week amongst the smaller capitals, with 153 auctions held across the city, followed by Adelaide (146) and Canberra (67). Adelaide recorded the strongest preliminary clearance rate, with 65.6% of auctions reporting a successful result, followed by Canberra (49.1%) and Brisbane (45.7%). Results for five of the nine auctions held in Perth have been collected so far, three of which were successful. No auctions were held in Tasmania this week.