The combined capital city clearance rate last weekend was 77.8 per cent with the number of auctions almost doubling from last week.
Since the third week of February, the combined capital city auction clearance rate has consistently been recorded at a higher level than at the same time last year, with the gap becoming increasingly significant.
The preliminary clearance rate for the Melbourne real estate market was recorded at 78.0 per cent this week, having decreased from 80.3 per cent over the previous week.
Melbourne hosted 918 auctions this week, compared to 315 last week, when the auction market had a small rest with Monday’s public holiday.
One year ago, 1,016 residential auctions were held across the city with a success rate of 69.2 per cent.
The strongest clearance rate for any individual Melbourne sub-region this week was 92.6 per cent across the Outer East region where 50 auctions were scheduled and 41 results have been reported.
Across Sydney there were 796 auctions this week and the preliminary clearance rate, across 621 results, was 86.5 per cent.
In comparison, last week there were 603 auctions with a stronger clearance rate of 88.7 per cent, while last year, just under 70 per cent of all homes taken to auction recorded a successful result.
Sydney’s auction clearance rate has been above the 85 per cent mark since the third week in April this year.
Given Sydney’s strong result this week, it is not surprising that across the individual sub-regions, 6 regions saw the preliminary clearance rate come in above the 90 per cent mark.
Brisbane’s preliminary clearance rate was 51.2 per cent this week, compared to last week’s final result of 48.5 per cent and 43.5 per cent last year.
There were 132 Brisbane homes taken to auction over the most recent week, similar to last week (130) and the same as this time last year.
The clearance rate across the Gold Coast this week was recorded at 44.4 per cent across 27 results, with some revision likely as more results across the region are reported.
Across Adelaide this week, 85 homes were taken to auction with a preliminary clearance rate of 60.4 per cent. In comparison, last week, Adelaide’s clearance rate was 71.2 per cent, and at the same time last year it was 52.3 per cent.
For Perth, the number of homes taken to auction this week fell from 48 last week to 29. The preliminary auction clearance rate was recorded at 30.8 per cent across 13 results.
Canberra’s preliminary clearance rate was 70.0 per cent across 30 auction results.
In Tasmania, 6 homes were taken to auction this week, with 1 sale recorded so far.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.