Auction clearances remain weak

Via CoreLogic:

Auction volumes more than doubled week-on-week across the combined capital cities

Auction volumes increased significantly over the week with 1,991 homes taken to auction across the combined capital cities, up from just 904 last week when auction volumes were lower due to the Queen’s Birthday long weekend. The preliminary clearance rate was recorded at 56.9 per cent this week, after last week saw the final clearance rate revise down to just 53.8 per cent, the lowest level recorded across the combined capitals since 2012. Melbourne was the busiest city for auctions this week, with 988 homes going under the hammer, returning a preliminary clearance rate of 58.7 per cent, compared to last week when 54.9 per cent of the 275 auctions were successful. Over the same week last year, there were 1,129 auctions held in Melbourne, returning a clearance rate of 71.0 per cent. There were 701 auctions held in Sydney this week returning a preliminary auction clearance rate of 55.8 per cent. In comparison, last week there were just 415 auctions held and a final clearance rate of 56.0 per cent, while this time last year, 68.0 per cent of the 927 auctions held were successful. Across the smaller auction markets, Brisbane was the busiest city with 116 homes going under the hammer, returning a preliminary clearance rate of 44.8 per cent. The highest preliminary clearance rate was recorded in Adelaide where 72.7 per cent of the 44 reported auctions were successful.