A preliminary weighted average clearance rate of 65.9 per cent was recorded this week across capital cities compared to 68.9 per cent last week, and 70.1 per cent this time last year.
The lower clearance rate was a result of a softening in the Melbourne market. This contrasted with the very buoyant outcome in Sydney and Adelaide.
Sydney continues to be the capital city with the strongest and most consistent auction market. A preliminary clearance rate of 75.5 per cent was recorded this week compared to 76.7 per cent last week.
The lowest result in 9 weeks occurred in Melbourne where a preliminary clearance rate of 63.9 per cent recorded compared to 69 per cent last week. Auction numbers have risen in the inner east after a seasonal lull. Rising stock numbers in the next month will clearly test the market.
In Brisbane a preliminary clearance rate of 35.3 per cent was recorded compared to 36.7 per cent last week.
Adelaide recorded a very strong clearance rate of 75 per cent compared to 61 per cent last week. Low stock numbers at this time of the year can affect the clearance rate by making in more variable than in spring and summer.
In Canberra a clearance rate of 45.8 per cent was recorded and in Perth there was a clearance rate of 66.7 per cent.
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.