Auction activity plummets, clearance rates edge higher

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With 1,471 homes auctioned across the combined capitals, this was the quietest auction week since mid-July (when six of the eight states celebrated the Queen’s Birthday long weekend) 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, and -8.4% below the number held this time last year (1,606). Of the 1,169 results collected so far, the combined capital preliminary clearance rate inched higher with 59.5% of auctions reporting a successful result. The previous week recorded a preliminary clearance rate of 58.8% (later revised to 54.0% at final figures), 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. 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 auction returning a successful result. The previous week’s preliminary clearance rate was 55.6%, later revised down to 50.0% at final figures. Sydney’s withdrawal rate of 23.9% remained above 20% for the seventh consecutive week.

Each of the smaller capitals recorded a decrease in auction activity this week and preliminary clearance rates. Brisbane held 153 auctions, Adelaide had 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.