Across the combined capital cities, auction markets remained subdued this week, with 1,610 homes auctioned across the combined capitals. Compared to the previous week (1,881), this week’s volume was down -14.4% and -23.3% below the 2,104 auctions held this time last year. After recording the lowest preliminary clearance rates since April 2020, the week prior (55.0%), preliminary clearance rates rose this week, with 58.6% of the 1,264 results collected returning a successful result.

Last week's preliminary rate was revised down to a final rate of 53.2% while this time last year 73.7% of auctions reported a successful result. 

Auction activity across Sydney was down 8.4% from this week’s initial auctions estimate (666), with flooding in the cities west and south east likely to be a factor. Of the 610 homes that were auctioned, 487 results have been collected so far, returning a preliminary clearance rate of 57.5%. Compared to last week's preliminary rate of 52.5%, which was revised to 49.9% at final figures, this week’s rate is up five percentage points. Over the same week last year, 74.3% of the 650 auctions held were successful. 

Melbourne hosted 603 auctions this week, down from 654 (-7.8%) the previous week and -44.0% below the number of auctions recorded this time last year (1,076). With 500 results collected so far, 59.4% reported a successful result, up 2.6 percentage points from the week prior (56.8%). Last week's preliminary rate was revised to a final rate of 55.8% while this time last year 71.2% of auctions reported a successful result. 

Across the smaller capitals, Adelaide hosted 159 auctions, followed by Brisbane (143) and Canberra (88). Both Adelaide and Canberra recorded a preliminary clearance rate of 68.6%, while Brisbane recorded the lowest preliminary clearance rate since mid-November 2020 (36.4%) at 43.6%. None of the three results collected so far across Perth were successful, while one of the two auctions held in Tasmania has recorded a successful result.