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Auction volumes across the combined capitals last week slipped to their lowest since the King’s Birthday, but the preliminary clearance rate has held above 70 per cent for the fifth consecutive week.
Cotality’s Property Market Indicator Summary has revealed 1,458 auctions were held across the combined capitals in the week ending 13 July, the lowest volume since the King’s Birthday five weeks prior.
The result is a step down from 1,794 auctions the previous week and from the 1,512 auctions recorded at the same time last year.
However, it marks the fifth week running where the preliminary clearance rate has held above 70 per cent across the combined capitals.
Out of the capital cities, Melbourne saw the highest volume of auctions last week, with 630 homes going under the hammer.
The result is down from 767 the previous week, but is approximately on par with the number of auctions held a year ago.
While the city recorded its lowest preliminary clearance rate in 12 weeks at 70.5 per cent, it marks the 11th straight week where the preliminary clearance rate has held above the 70 per cent mark.
In Sydney, 578 homes went to auction last week, a decrease from the 685 homes of the week prior, but up slightly from the 560 homes that went under the hammer a year ago.
NSW’s capital saw its second-highest clearance rate so far this year, surging to 76.2 per cent, only behind the week ending 16 February at 76.6 per cent.
Meanwhile, Brisbane saw 103 homes go under the hammer, recording its lowest volume in 12 weeks. Only 61.3 per cent of auctions have recorded a successful result so far.
As for Adelaide, only 75 properties went under the hammer last week, recording a 75.6 per cent preliminary clearance rate, up from 65.7 per cent the previous week.
Canberra held 61 auctions last week, the city’s lowest volume in six weeks, with 68 per cent returning a successful result so far, down from 69.6 per cent the previous week.
In Perth, only nine auctions were held last week, with six successful results so far.
Just two auctions were held in Tasmania last week, with the results yet to emerge.
Cotality signalled a slight rise in auction volume for the week ahead, with 1,520 capital city homes currently scheduled to go under the hammer.
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