Australia’s auction market recorded a 74.6% preliminary clearance rate for last week.  

However, CoreLogic Research Analyst Caitlin Fono predicted that the final clearance rate would likely be revised down with some 478 results left outstanding.  

Fono said last week’s results could mark the end of the upwards trend in clearance rates seen throughout the year to date. 

There were 2,898 auctions held across the combined capital cities, up 20.7% week-on-week and 36.2% higher compared to this time last year. 

This time last year, 79.6% of auctions held were successful. 

Source: Corelogic

In Melbourne, there were 1,328 auctions held across the city. 

The city recorded a preliminary clearance rate of 74.2% from the 1,141 results collected so far, making Melbourne the only capital to record a rise in its preliminary clearance rate. 

There were more than 1,000 auctions in Sydney for the first time this year, with 1,020 homes that went under the hammer. 

From the 855 results collected in Sydney so far, 75.6% recorded a successful result, up slightly from last week’s final clearance rate of 75.4%. 

This time last year 83.4% of Sydney auctions held were successful. 

Source: Corelogic

Outside of Melbourne and Sydney, the volume of auctions in the other capital cities grew to about 550 – more than doubling the same time last year.

Brisbane saw a 24.1% rise in auction activity last week, resulting in its clearance rate falling to 68.6%. 

Adelaide’s clearance rate fell to 76.5% last week, down from 78.5% the week prior. 

Canberra recorded the highest clearance rate for the fourth consecutive week, with 80.2% of the 116 results recorded so far returning a positive result.  

Across Perth, 66.7% of auctions held were successful, while two results had been collected across Tasmania, none of which were successful.