The preliminary clearance rate across combined capital cities stood at 60.3% in the week ending 20 May as 2,089 homes were taken to auction, according to preliminary data from CoreLogic’s Property Market Indicator Summary. The previous week saw 2,279 auctions with a final clearance rate of 58.2%, the lowest figure since December 2015.
The latest figure marks a drop from the same week last year (73.1%), when 2,824 homes went under the hammer. Melbourne – Australia’s largest auction market – rebounded from the lowest figure observed since Easter 2014. The city saw its rate move higher to 64.2% (1,028 auctions), compared to a week before at 59.8% (1,099 auctions). One year ago, the clearance rate was stronger – 77.9% across 1,326 auctions
Meanwhile, 669 auctions were held in Sydney during the week, returning a preliminary auction clearance rate of 60.8%, compared to 57.5% across 787 last week, and 74.0% across 1,075 auctions one year ago.
Canberra was the best-performing among smaller auction markets, with a 66.2% success rate across 79 auctions.
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