Queensland Capital Leads in Auction Success

Although the preliminary clearance rates of auctions in Australia show week-on-week improvements, it is likely that as the final results are collected the weighted average will fall to remain within the low-mid 50% range which it has sat for some time.

Last week it was recorded that a slightly lower 1,748 auctions were held with a final clearance rate of 55%.

This in comparison to results over the same week last year, which saw a higher 66.9 per cent success rate, across a higher volume of 2,258 auctions.

Results show that the unit market outperformed houses this week, with preliminary results show that 63.9% of units were sold, while houses achieved a lower 57.1%.

However, houses did account for a much larger proportion of overall auctions.

Queensland

This week, there were 159 auctions held in Brisbane, returning a preliminary auction clearance rate of 49.4 per cent.

This expresses growth when compared to last week where there were 112 auctions held and the final auction clearance rate was 45.9%, and one year ago where 139 Brisbane homes went to auction, and a 38.8% clearance rate was achieved.

New South Wales

This week, there were 654 auctions held in Sydney, returning a 57.8% preliminary auction clearance rate.

This has shown a decrease when compared to last week, when there were 664 auctions held and 53.8% clearance rate, and one year ago when 826 Sydney homes went to auction, which achieved a 65.8% clearance rate.

Victoria

In Melbourne, there were 894 auctions this week, returning a 62.4% preliminary auction clearance rate.

This saw an increase from last where there were 805 auctions and 57% clearance rate. However, in comparison to last year the Melbourne market has decreased as 1,111 actions saw a clearance rate of 71.8%.