Auction volumes at their second highest

There were 2,571 homes taken to auction across the combined capital cities last week, up from 2,412 over the previous week.

Preliminary results showed a clearance rate of 74.1 per cent, compared with the previous week’s final clearance rate of 70.6 per cent.

This was also the second-busiest auction week for Melbourne this year, which saw 1,241 homes taken to auction last week, returning a preliminary clearance rate of 77 per cent.

Over the previous week, 1,032 homes were taken to auction, returning a final clearance rate of 71.7 per cent.

This time last year, a clearance rate of 41.3 per cent was recorded across 1,401 auctions.

In Sydney, there were 932 homes taken to auction last week, with preliminary results showing a clearance rate of 77.2 per cent. The previous week saw a final clearance rate of 76.8 per cent across 948 auctions.

One year ago, 875 auctions were held across Sydney, returning a final clearance rate of 42.8 per cent.

In other capital cities, Adelaide saw an increase in auction volumes week-on-week, while Brisbane, Canberra and Perth saw fewer homes taken to auction. Tasmania saw no change in auction numbers week-on-week, with a total of five properties taken to auction.  

Overall, volumes across combined capitals were down from those of the same week last year, in which 2,745 auctions were held, but from which only 42 per cent returned a successful result.

[Related: Auction volumes plummet prior to Melbourne Cup]

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.