Clearance rates strengthen but auction volumes remain low

In total this week, 867 capital city homes were scheduled for auction, with preliminary results returning a 65.9 per cent clearance rate, according to CoreLogic data.

Last week, their findings showed 612 homes scheduled for auction and a final clearance rate of 62.7 per cent, while one year ago, there were 1,661 homes taken to auction and a 58.0 per cent clearance rate.

In Melbourne, 259 homes were scheduled to go under the hammer this week. So far 192 auctions have been reported, returning a preliminary success rate of 71.9 per cent.

The previous week saw a final clearance rate of 68.0 per cent across 168 auctions.

In Sydney, 469 homes were scheduled for auction this week, returning a preliminary clearance rate of 68.1 per cent across 320 results.

In comparison, last week saw 309 homes taken to auction with a success rate of 65.0 per cent.

Notably 31 auctions were withdrawn in Sydney last week, the most since mid-April.

Although the number of auctions held remains low, since restrictive policies around open homes and onsite auctions were lifted, the trend has been towards more auctions held and a substantial reduction in the proportion of auctions withdrawn prior to the event.

The number of auctions held this week was the highest since the week ending April 19th.

Across the smaller auction markets both Adelaide and Canberra saw preliminary clearance rates over 65% while Brisbane's remained low at just 40.9%