Auction Markets Soften Over The Past Week

There were 2,980 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 65.9 per cent, while last week, 3,313 auctions were held and the final clearance rate came in at 66.8 per cent. Over the same week last year, auction volumes were slightly lower with 2,907 homes going under the hammer across the combined capital cities, although the clearance rate was a stronger 74.6 per cent.

If we look at results by property type, units outperformed the house market this week with 67.6 per cent of units selling at auction, while 65.1 per cent of houses sold across the combined capital cities.

In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 67.3 per cent was recorded across 1,523 auctions this week, down from 70.6 per cent across 1,606 auctions last week. One year ago, the clearance rate was a stronger 78.4 per cent across 1,459 auctions. There were 1,044 auctions held in Sydney this week returning a preliminary auction clearance rate of 66.9 per cent, compared to 65.1 per cent across 1,259 last week, and 76.0 per cent across 950 auctions one year ago.

Across the smaller auction markets, preliminary results show that Canberra was the best performing in terms of clearance rate with a 70.8 per cent success rate.

Corelogic

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