There were 2,945 homes taken to auction across the combined capital cities this week, down from 3,386 over the previous week, while significantly higher than this time last year (1,569). Of the 2,339 results collected so far, 72.7% were successful, down from the previous week’s preliminary clearance rate of 74.3%, which revised down to 70.9% at final figures. This time last year, 80.0% of reported auctions were successful.

Despite the recent weather and flooding events in Brisbane and Sydney, auction withdrawal rates have been relatively low with 16% of auctions withdrawn across Sydney last week, compared with a year to date average of 12%. In Brisbane, 18% of auctions were withdrawn (year to date average of 11%).

Melbourne hosted 1,426 auctions this week, down from 1,574 over the previous week and 487 this time last year. Of the 1,159 results collected so far, 70.4 % have been successful, down from the previous week’s preliminary clearance rate of 71.0%, which revised down to 67.6% at final figures. Over the same week last year, 75.2% of reported auctions were successful.

In Sydney, 993 homes were taken to auction across the city, down from 1,202 over the previous week and 789 this time last year. The clearance rate was down week-on-week, with 74.6% of the 808 results collected so far reporting a successful result. The previous week saw a preliminary clearance rate of 76.9%, revising down to 72.6% at final figures, while this time last year, 82.9% of reported auctions were successful.

Across the smaller capitals, Adelaide recorded the highest preliminary auction clearance rate (82.1%), followed by Canberra (75.7%) and Brisbane (69.8%). In Perth, one of the three results collected so far was successful. In terms of auction volumes, Adelaide was the busiest auction market this week with 194 homes taken to auction across the city, followed by Brisbane (180), Canberra (140) and Perth (10). There were only two auctions in Tasmania this week and one was successful.