Previously slated to be the busiest week of the year, this week overtook the previous week as the second busiest, with 3,362 capital city homes taken to auction. This week’s auction activity was up 8.2% from the 3,108 auctions held the week prior, but down -12.4% from the 3,840 auctions held this time last year. Last year’s results coincided with last year’s Easter peak, while auction activity is likely to continue to trend upwards as the Easter break approaches. The combined capital’s preliminary clearance rate has continued to fall to its lowest result of the year, with 69.4% of the 2,762 results collected so far recording a successful result. The previous week recorded a preliminary clearance rate of 69.8%, which revised down to 66.9% at final figures, while this time last year, 83.1% of reported auctions were successful.
Melbourne hosted its busiest auction week of the year to date, with 1,606 homes taken to auction across the city this week. Compared to the previous week (1,525), this week’s auction volumes are up 5.3% and are up 2.0% from the previous busiest week of the year, when 1,574 auctions occurred (week ending 27 February). Melbourne’s preliminary clearance rate rose, with 69.7% of the 1,360 results collected so far recording a successful result. Last week a preliminary clearance rate of 68.9% was recorded, which was revised down to 65.9% at final figures. This time last year 81.0% of the 1,929 auctions held were successful.
Across Sydney, 1,100 auctions were held across the city this week, overtaking the week prior (1,029) as Sydney’s second busiest week of the year to date. Up 6.9% from the previous week, the increase in auction activity saw Sydney’s preliminary clearance rate fall 1.6 percentage points to 68.1% with 914 results collected so far. The previous week saw a preliminary clearance rate of 69.7% which was revised down at final figures (64.8%). 87.6% of the 1,410 auctions held this time last year recorded a successful result.
Across the smaller capitals auction activity was up 18.4% week on week, and up 30.9% compared to this time last year, with both Adelaide and Brisbane recording their busiest week of the year so far. Brisbane was the busiest auction market amongst the smaller capitals, with 243 homes taken to auction this week, followed by Adelaide (230) and Canberra (162). Following the same pattern as auction activity, Brisbane recorded the highest preliminary clearance rate (73.3%) up 12.0 percentage points from the previous week’s preliminary results (61.2%) followed by Adelaide (70.9%), and Canberra (70.1%). Nine of the 16 auction results recorded so far in Perth were successful, while the one auction held across Tasmania was successful.