Auction markets hold up well through second long weekend

There were 1,613 auctions held across the combined capital cities this week, up 22.6% from the previous week when 1,316 homes were taken to auction. The lower volumes last week were attributed to the national Queen’s Memorial Public Holiday and the AFL Grand Final in Melbourne. While volumes have increased this week, they have been impacted by the Labour Day long weekend across ACT, NSW and SA, along with the Queen’s Birthday long weekend across Qld. This time last year, 1,986 auctions were held across the combined capitals.

Of the results collected so far, 62.3% were successful, up 1.7 percentage points from the previous week’s preliminary clearance rate of 60.6%, which revised down to 60.0% at final figures. This is the fifth consecutive week that the combined capital city preliminary clearance rate has held above 60.0%, while the final clearance rate has held at or above 60.0% for the past two weeks. One year ago, 83.2% of homes taken to auction were successful.

There were 823 homes taken to auction in Melbourne this week, up 533.1% from the previous week (130) when two consecutive public holidays led to an extended long weekend across the city. Of the results collected so far, 64.3% were successful, down -1.8 percentage points from the previous week (66.0%), which revised down to 64.6% at final figures. This time last year, 805 auctions were held across the city, returning a clearance rate of 85.3%.

There were 489 auctions in Sydney this week, down -39.4% from the previous week (807), with the lower volumes this week attributed to a combination of the Labour Day long weekend and the NRL Grand Final. This time last year, 753 auctions were held across the city. Of the results collected so far, 60.4% were successful, down just 20 basis points from last week’s preliminary clearance rate of 60.6%, which revised up to 61.3% at final figures. Last week’s final clearance rate was the highest the city has seen since the week ending 10th April when 61.7% of Sydney auctions were successful. This time last year, 81.6% of homes taken to auction across the city were sold.

Across the smaller capital cities, Brisbane was the busiest auction market this week with 116 homes taken to auction across the city, followed by Adelaide (102) and Canberra (61). There were 19 auctions held in Perth this week, and just three in Tasmania. Adelaide has recorded the strongest preliminary clearance rate so far (78.3%), followed by Canberra (62.5%), Brisbane (45.9%) and Perth (40.0%). In Tasmania, one of the three auctions has been successful so far.