Auction markets post higher volumes and stronger clearance rates

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Capital city auction volumes increased substantially this week at 2,246, following a quiet auction market during the Labour Day long weekend. The auction clearance rate also went up from last week’s 75.8% to this week’s 79.2%, with four capital cities recording clearance rates of above 80%.

Among all capital cities, Canberra registered the highest clearance rate this week at 86.7% across 68 auctions. This was the highest clearance rate that the Australian capital has recorded this year – a far cry from last week’s 66.7% and last year’s 62.1%.

Sydney came next with a clearance rate of 81.5% out of 774 auctions. Eastern Sydney, Hornsby, Ryde, and the Northern Beaches were Sydney’s top performing suburbs, with clearance rates above 90%.

Melbourne also recorded a clearance rate of 81.2%, but this was lower than last week’s 87.2%. Melbourne’s North East region served as the top performer of the week, with a clearance rate of 87.7%.

Brisbane, Adelaide, and Perth also posted better clearance rates this weekend at 55.8%, 80.6%, and 55.6%.

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