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Cotality’s latest Property Market Indicator Summary showed a steep decrease in the number of auctions held in the week ending 8 June due to the King’s Birthday long weekend.
Just 1,397 capital city homes went under the hammer, compared to 2,918 the week prior, but similar to the 1,317 auctions held at the same time last year.
The preliminary auction clearance rate was the lowest so far this year, dropping to 63.8 per cent last week – a stark contrast to the previous two weeks when it held at 70 per cent or higher.
Sydney also recorded its lowest preliminary clearance rate so far, aside from the volatile January results, with the figure standing at 59.9 per cent.
Cotality noted that the “poor” early results diverge from the recent trend of strengthening across the Sydney market.
“It will be interesting to see if the clearance rate revises higher once the collection is finished, or if the trend recovers after the long weekend,” the report said.
Melbourne’s auction results came in stronger with a preliminary clearance rate of 71.5 per cent, marking the city’s lowest preliminary clearance rate since the last week of April.
Brisbane led the smaller capitals when it came to auction volumes, with 134 properties going under the hammer last weekend.
However, the city’s preliminary clearance rate was 58.3 per cent, its lowest in six weeks.
In Adelaide, 84 homes went to auction last week, recording a preliminary clearance rate of 60.3 per cent – an increase on the previous week’s result of 55.4 per cent.
As for the ACT, 51 homes went under the hammer, with an early clearance rate of 54.4 per cent recorded.
Meanwhile, five out of seven auctions in Perth have been recorded as successful so far, while no auctions were held in Tasmania.
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