Auction sales bounced back across the country last week after returning the strongest preliminary clearance rate since late May.  

CoreLogic found that 63.7% of auctions held in Australia’s capital cities last week were successful.  

There were 1,883 auctions, down 2% on the previous week.  

Last week’s preliminary clearance rate was 3.8 percentage points above the previous week’s preliminary rate, but about ten percentage points below the rate recorded this time last year. 

Source: CoreLogic

Sydney recorded its highest preliminary clearance rate since mid-April, with 69.7% of auctions returning a successful result. 

Sydney hosted 701 auctions, down 6.7% from the week prior. 

Last week’s result was 7.3 percentage points above the previous week’s preliminary clearance rate, with Sydney’s withdrawal rate of 15.5% reaching its lowest rate since mid-April. 

In Melbourne, the preliminary clearance rate rose 1.2 percentage points to 61.9% last week.  

The Victorian capital hosted the busiest auction week, with 764 homes taken to auction across the city.  

Adelaide hosted the busiest week amongst the smaller capitals, with 156 homes auctioned, followed by Brisbane with 131 and Canberra with 114. 

Auction numbers decreased 40.7% in Brisbane and 29.6% in Canberra, while Adelaide recorded a slight rise in auction activity of 0.6%. 

Adelaide’s preliminary clearance rate reached 66.3%, its lowest rate since early August. 

Canberra’s and Brisbane’s preliminary clearance rates came in at 60.9% and 43%, respectively. 

In Perth, half of the 10 auctions collected so far had been successful, while there no auctions held in Tasmania last week. 

12 month change in capital city home values. Source: CoreLogic.