Auction outcomes continue to provide evidence of improvement in the big city property markets.

There were 1,480 homes taken to auction across the combined capital cities last week returning a preliminary clearance rate of 64%. This compares to 1,505 homes taken to auction the previous week, with the final clearance rate coming in at 62%, the highest final clearance rate since May 2018.

Over the same week last year, auction activity was higher with 1,849 homes taken to auction returning a clearance rate of 55%.

In Melbourne, 644 auctions were held last week returning a preliminary clearance rate of 70%. The previous week saw 724 homes taken to auction with a final clearance rate of 65%. Melbourne’s final clearance rate has been increasing each week over the month of June and last week continued that trend.

Sydney recorded a preliminary clearance rate of 67% across 551 auctions last week. Over the previous week, 66% of the 534 auctions were successful, the highest final clearance rate the city has seen since Easter 2018.