Auction activity significantly lower year-on-year with 1,894 homes taken to auction across the combined capitals.
There were 1,894 homes taken to auction over the week, increasing from the previous week when 1,197 auctions were held, although significantly lower than this week last year when 3,136 auctions were held across the combined capital cities.
Preliminary results show a clearance rate of 56.1 per cent this week, increasing from last week’s final clearance rate of 47.8 per cent.
One year ago, a clearance rate of 66.0 per cent was recorded.
Melbourne was host to 943 auctions this week with preliminary results showing a clearance rate of 53.7 per cent, increasing from last week when the final clearance rate was a lower 49.2 per cent across just 216 auctions.
Over the same week last year, the auction clearance rate was higher with 68.7 per cent of the 1,653 auctions returning a successful result.
There were 634 auctions held in Sydney this week with preliminary results showing a 63.1 per cent clearance rate, up from 52.3 per cent across a higher volume of auctions last week (701), although as usual this will revise lower as final results are collected.
Over the same week last year 1,093 homes were taken to auction across the city returning a clearance rate of 64.8 per cent.
Across the smaller auction markets, Brisbane and Perth were the only places to see auction volumes fall week-on-week.
Looking at results by property type, houses outperformed units this week with 56.5 per cent of houses selling at auction, while 55.0 per cent of units sold across the combined capital cities.
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.