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After a post-holiday resurgence the previous week, auction sales eased in almost every capital city.
The week ending 15 October saw a -6.5 per cent drop in auction activity, with a total of 2,286 properties going under the hammer nationwide, according to CoreLogic.
Preliminary clearance rates dropped below 70 per cent for the first time in nearly six months, with 69.9 per cent of the 1,767 results collected so far ending with a sale.
In Melbourne, auction activity dropped -12.2 per cent compared to the previous week, when a post-AFL weekend high pushed auction numbers up to the busiest point since Easter. Despite the decline, auction rates remain substantially higher than this time last year, when just 690 auctions were held.
Up in Sydney, the auction market experienced a slighter drop, with only three fewer homes going under the hammer than the previous week’s total of 921. Preliminary clearance rates in the harbour city were also stronger than in Melbourne, with 72.3 per cent of collected results ending in a sale.
Brisbane and Adelaide both hosted 121 auctions last week, a drop of over -10 per cent and -3 per cent respectively. Canberra’s auction activity stayed level with 98 homes taken under the hammer, and Tasmania’s one scheduled property was sold prior to auction.
Only Perth saw an upturn in auction rates compared to the week prior, with 15 properties going under the hammer. Six of the eight results collected in Perth so far ended in a vendor win.
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