Preliminary auction clearance rate continues to ease

The capital city preliminary auction clearance rate continued its easing trend that has been evident since mid-September, falling 4.7 percentage points to 63.5% last week, the lowest since the same time last year (62.4%).

The volume of capital city auctions also trended lower, down 5.5% from the previous week, with 3,238 homes going under the hammer last week. The number of auctions will cool further as we approach the festive season, with around 2,880 homes scheduled for auction this week, before dropping sharply to around 1,200 auctions over the week ending December 21. Auction activity is likely to remain low until early February.

1,646 homes were auctioned across Melbourne last week, in-line with the week prior (1,643). The preliminary clearance rate came in at 65.5%, down 3.1 percentage points to be the lowest early clearance rate since the last week of September (which coincided with the Melbourne Cup Racing Carnival).

Sydney hosted 1,100 auctions last week, 11.9% fewer than the week prior. The preliminary clearance rate eased by 3.7 percentage points, coming in at 61.5%, the lowest since the week ending June 8th earlier this year (59.9%).

188 homes were auctioned in Brisbane last week, down 10% on the week prior. The preliminary clearance rate fell sharply, down 16.8 percentage points to 54.7%, the lowest since the first week of May earlier this year.

There were 163 auctions held in Adelaide last week, down 12.8% relative to the week prior. The preliminary clearance rate fell 14.3 percentage points to 70.9%.

Of the 110 auctions held in ACT last week, 55.7% have reported a successful result so far, down 9.7 percentage points from the previous week, marking the lowest early clearance rate since the week ending June 22 earlier this year.

29 homes were auctioned in Perth last week with a preliminary clearance rate of 64.3%, while only two auctions were held in Tasmania, both of which were successful.