Auction volumes increase week-on-week with just under 1,700 homes going under the hammer across the combined capital cities.
There were 1,692 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 56.7 per cent, making it the busiest week for auctions since the week ending 24 June 2018.
Last week, 1,402 auctions were held and the final clearance rate came in at 54.9 per cent.
Over the same week last year, auction volumes were higher with 2,064 homes going under the hammer across the combined capital cities and the clearance rate was a stronger 69.8 per cent.
If we look at results by property type, units outperformed houses this week with 58.5 per cent of units selling at auction, while 56.0 per cent of houses sold across the combined capital cities.
In Melbourne, a preliminary auction clearance rate of 55.7 per cent was recorded across 868 auctions this week, while last week there were 721 auctions returning a final clearance rate of 58.0 per cent.
One year ago, the clearance rate was a stronger 75.6 per cent across 1,001 auctions.
There were 572 auctions held in Sydney this week, the busiest week for the city since the week ending 1 July 2018, returning a preliminary clearance rate of 56.5 per cent.
In comparison, there were 458 auctions held over the previous week and the final auction clearance rate was 53.8 per cent.
One year ago, 720 auctions were held and the clearance rate came in at 67.8 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.