The combined capitals hosted the quietest auction week since Easter, with six of the eight states and territories celebrating the Kings birthday long weekend.
This week saw 1,040 capital city homes auctioned, down -42.7% from the 1,815 held last week and -24.6% below the 1,379 held this week last year.
Of the 825 results collected so far, 72.4% returned a successful result. Despite remaining above the 70% mark, this week’s preliminary clearance is the lowest in six weeks, suggesting the June rate hike may have tempered buyer and vendor confidence. Last week’s preliminary clearance rate (77.2%), which revised to 73.1% at final figures, was 4.8 percentage points higher, while this time last year, 54.8% of auctions held were successful.
Source: CoreLogic