Cotality’s preliminary auction data released this week, shows 1,882 auctions were held across Australia’s capital cities last week, up 33.1% on the previous week but 41.8% lower than the same week last year.
The preliminary clearance rate fell to 48.4% from 51.2%, staying below 50% in three of the past four weeks, with Brisbane recording the lowest result of any capital at 25.2%.
Melbourne: The number of homes taken to auction increased significantly from 495 to 831. However, compared to the same week last year, the city held 54.7% fewer auctions. The preliminary clearance rate declined by 1.4 percentage points to 54.8%, marginally below the spring-to-date average of 55.4%.
Sydney: For the first time in twelve weeks, the preliminary clearance rate fell below 50%. The result of 48.2% was only just above the recent low of 47.3% in June. Sydney hosted 631 auctions, up 10.7% on the previous week, but auction volumes were 34.1% lower than the year prior.
Brisbane: However, Brisbane by far had the lowest preliminary clearance rate of any capital city, at 25.2%. It was the city's fourth-lowest preliminary result so far this year. With 200 homes taken to auction, Brisbane’s auction volumes were 25.0% higher than the previous week. The city was also one of the few capitals with higher auction volumes than a year ago, up 6.4% from the same week last year.
Adelaide: 141 homes went to auction last week. This was 16.5% more than the previous week but 2.1% fewer than the same week last year. Against a spring-to-date average of 44.3%, the preliminary clearance rate was slightly lower at 42.5%.
Australian Capitol Territory: 13.8 percentage-point drop brought the ACT’s preliminary clearance rate to 52.1%. Year on year, auction volumes in the ACT were one-third lower, though the total of 60 auctions was 11.1% higher than the previous week.
Perth: Half of the reported results from Perth’s 19 auctions were successful.
Tasmania: Did not hold any auctions last week.
