In Melbourne, Australia’s largest auction market, a preliminary auction clearance rate of 73.7 per cent was recorded across 1,181 auctions this week. Last week, Melbourne’s final clearance rate was recorded at 75.1 per cent across 992 auctions, while this time last year, 1,018 properties were taken to auction across Melbourne and a clearance rate of 73.4 per cent was recorded. The busiest Melbourne sub-regions this week were Melbourne’s Inner region and the Inner South region, where 248 and 210 auctions were held respectively. Across these two sub-regions, the preliminary clearance rates were 71.2 per cent across the Inner region and 71.8 per cent across the Inner South.
Sydney’s preliminary auction clearance rate was 75.1 per cent this week, the 10th week in a row where Sydney has recorded a result below 80 per cent. Last week, Sydney’s clearance rate was 76.9 per cent, while one year ago, results show that 78.4 per cent of Sydney homes taken to auction were successful. In terms of the number of auctions across the city, this week volumes were higher, up to 1,046 from 1,023 last week. One year ago just 743 Sydney homes were taken to auction over the week. The Northern Beaches sub-region of Sydney has shown the strongest performance so far this week, with 84.4 per cent of the 45 reported results selling, with 18 remaining results yet to be collected.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
