The number of homes taken to auction this week fell slightly to 1,858, compared to the 2,153 auctions held last week and 2,297 one year ago.
The preliminary clearance rate was higher than the previous week’s result of 74.5 per cent and up from last year, when the clearance rate was recorded at 73.2 per cent.
Preliminary results this week are the highest recorded this year.
Across Melbourne, this week’s preliminary clearance was 79.3 per cent, up from last week’s result of 77.4 per cent.
This week’s preliminary clearance rate is the highest preliminary rate the Melbourne property market has recorded this year.
It also marks the ninth week in a row that Melbourne’s clearance rate has been recorded above 70 per cent.
The preliminary clearance rate is higher than 75.1 per cent one year ago.
There were 826 auctions held in Melbourne this week, a drop from last week’s 1,060 auctions and lower than the 992 auctions held at the same time last year.
Of the 9 individual sub-regions in Melbourne, this week’s strongest performer in terms of clearance rate was the Mornington Peninsula sub-region, where 93.3 per cent of the 30 reported results were successful.
In Sydney, a preliminary clearance rate of 83.9 per cent was recorded across 715 auctions this week.
Last week, Sydney’s final clearance rate was lower at 78.5 per cent across 788 auctions.
Since the final week in April this year, Sydney has consistently recorded weekly clearance rates above the 70 per cent mark.
One year ago, auction activity across the Sydney property market was significantly higher, with 1,023 auctions held and 76.9 per cent clearing.
North Sydney and Hornsby was the busiest sub-region of Sydney this week for auctions with 121 homes taken under the hammer.
Based on preliminary results the region recorded a clearance rate of 82.0 per cent. Ryde (95.2 per cent) and Northern Beaches (91.5 per cent) recorded the highest preliminary clearance rates of the sub-regions.
There were 135 Brisbane homes taken to auction this week, with 77 results reported so far.
The Brisbane housing market also recorded its highest preliminary clearance rate for the city this year (58.4 per cent), up from 44.3 per cent last weeks and higher than one year ago, when 42.9 per cent of the 130 properties taken to auction were successful.
Across the GoldCoast 35 results have been reported so far, with a success rate of 40.0 per cent.
This week, Adelaide saw a preliminary clearance rate of 80.7, across 57 reported auctions; the highest Adelaide has recorded for the year.
In comparison, over the previous week Adelaide’s clearance rate was 63.3 per cent and 69.5 at the same time last year.
In Perth, auction numbers fell to 26 this week with a preliminary clearance rate of 16.7 per cent.
So far 6 auctions have been reported.
Last week, the final clearance rate for Perth was 34.8 per cent across 29 auctions.
Canberra’s preliminary rate was 77.8 per cent this week, compared to 71.4 per cent last week and 71.7 per cent one year ago.
This week’s 77.8 per cent is the highest preliminary clearance rate Canberra has seen since the second week in March this year.
CoreLogic has captured 76 results, rising from 56 last week.
7 auctions took place in Tasmania this week, five results have been reported so far, however none of these reported results were successful.
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.