Capital city auction volumes rise as preliminary clearance rate eases to 53.2%

The preliminary clearance rate across the combined capital cities declined to 53.2% last week, compared to 56.5% two weeks prior, which represented the highest early success rate in the preceding 12 weeks. Sydney was the only capital where the preliminary clearance rate rose over the week.

The number of homes taken to auction increased last week, reaching 1,406 across the combined capitals, 10.2% above the previous week (1,276), though 31.9% short of the 2,066 held at the same point a year earlier.

Melbourne held the most auctions, with 600 homes going under the hammer last week, up 2.0% on the week prior but 39.1% below the level a year ago. The preliminary clearance rate fell to 55.4%, the city's weakest in four weeks.

In Sydney, the preliminary clearance rate improved to 56.6%, up from 55.6% the previous week. A total of 482 homes went to auction, 17.6% more than the previous week but 33.9% fewer than the same week a year ago. Despite the weekly improvement, this is the 16th consecutive week that Sydney's preliminary clearance rate has remained below 60%.

153 homes were taken to auction in Brisbane, up 7.7% from the previous week but 9.5% below the same week a year earlier, with 40.4% reporting a sale on preliminary results.

A total of 92 homes went to auction in Adelaide, up 9.5% on the previous week but 7.1% lower than a year ago. Of the 92 homes taken to auction, 54.8% were successful on preliminary results.

Canberra's preliminary clearance rate declined to 41.4%, compared to 60.0% the previous week. The number of auctions increased to 67 homes, up from 43 the prior week but below the 75 recorded during the same period last year.

In Perth, only eleven auctions were held, with just two resulting in a sale so far. The single auction scheduled in Tasmania was withdrawn.