Preliminary clearance rate nudged higher despite long weekend disruptions

The volume of auctions bounced 13% higher relative to the previous week, with 1,961 homes going under the hammer last week. However, the number of auctions held was mixed, with Melbourne seeing more than a 400% increase in auction activity last week following a long weekend the week prior, while Sydney saw a 56% slump in auctions, attributable to the long weekend and NRL Grand Final.

The next two weeks are set to see auction activity building momentum, with approximately 2,600 capital city homes scheduled for auction this week, rising to around 2,670 next week.

Despite the disruption of a long weekend in most states, the preliminary combined capitals clearance rate edged higher last week, rising to 71.9% from 71.4% the week prior (revised lower to 68.7% on final results).

Melbourne was the main driver of the higher preliminary clearance rate last week. At 71.6%, the early clearance rate was a 7.0 percentage point increase from the week prior. The number of auctions held jumped 422%, reaching 1,169 last week, after the AFL Grand Final long weekend disrupted activity the previous week.

The number of Sydney auctions held dropped by 56% last week amid the long weekend and NRL Grand Final. 72.4% of auctions have returned a positive result so far, down from 73.5% the previous week (revised lower to 70.2% once finalised).

Across the smaller capitals, Brisbane hosted the most auctions last week, with 147 homes going under the hammer and a preliminary clearance rate of 69.3%, the highest in three weeks.

There were 67 auctions held in Adelaide last week, down 14% from the week prior. 78.8% of auctions have reported a successful result so far.

Across the ACT, 56 homes went to auction last week, less than half the volume seen the week prior (116), returning an early clearance rate of 70.6%.

There were 13 auctions held in Perth last week, eight of which reported a successful result so far, while there were no auctions in Tasmania.

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