Auction activity begins to wind down with 2,406 homes taken to auction across the combined capitals.
There were 2,406 homes taken to auction over the week, down from both the previous week when 2,631 auctions were held, and this week last year when 2,890 auctions were held across the combined capital cities.
Preliminary results show a clearance rate of 43.8 per cent this week, increasing from last week’s final clearance rate of 41.0 per cent, the lowest clearance rate recorded since October 2011.
One year ago, a clearance rate of 60.7 per cent was recorded.
The final clearance rate has revised down below 42 per cent for the last 3 weeks and given the low preliminary result it’s possible that the final clearance rate may just fall below 40 per cent once the remaining results are collected.
Melbourne was host to 1,179 auctions this week with preliminary results showing a clearance rate of 46.9 per cent, increasing from last week when the final clearance rate was recorded at 43.8 per cent across 1,283 auctions.
Over the same week last year, the auction clearance rate was significantly higher with 65.9 per cent of the 1,630 auctions returning a successful result.
There were 717 auctions held in Sydney this week with preliminary results showing a 43.6 per cent clearance rate, up from 41.3 per cent across 870 auctions last week.
Over the same week last year 708 homes were taken to auction across the city returning a clearance rate of 52.7 per cent. It will be interesting to see whether or not the final clearance rate can hold above 40 per cent this week.
Across the smaller auction markets, auction volumes were lower week-on-week with preliminary auction clearance rates sitting at or below the 50 per cent mark across all of the cities.
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