Auction activity is down 40.2% across the combined capitals this week amid the federal election, with most capitals recording a fall in auction volumes compared to both the week prior and this time last year.
Auctions this week
Auction activity is down 40.2% across the combined capitals this week amid the federal election, with most capitals recording a fall in auction volumes compared to both the week prior and this time last year. 1,722 homes are set to go to auction across the capitals this week, down from the 2,879 auctions that occurred the previous week and -39.3% below the number of auctions held this time last year (2,838). This week marks the 4th quietest week to date with only the Easter long weekend and the seasonally slow January weeks reporting lower auction volumes. However, auction volumes for the week are still significantly higher than the week of the federal election in 2019 (913).
Melbourne is scheduled to host 719 auctions across the city this week. Melbourne auction volumes are down -44.3% compared to both the previous week and this time last year, with 1,291 auctions held both weeks.
In Sydney’s, 568 homes are set to go under the hammer this week, down from the 946 that were auctioned last week. This week’s auction volumes are -48.5% below the 1,103 auctions recorded this time last year. This week is expected to be Sydney’s quietest auction week since the Easter long weekend (week ending 17 April) and its 4th quietest week of the year to date.
Across the smaller capital cities, Adelaide is set to host the most auctions with 198 auctions scheduled this week. While Adelaide’s auction activity is down -23.8% compared to the week prior, this week’s auction volumes are up 23.0% compared to this time last year. Brisbane is set to host 127 auctions this week, down 44.3% from the week prior, while Canberra’s auction activity (93) is down 30.6% week on week. Seventeen auctions are currently scheduled to occur across Perth, while no auctions are expected to occur in Tasmania this week.
Capital city auction statistics (Final)- w/e 15 May 2022
Weekly clearance rate, combined capital cities
Summary of last week’s results
The busiest auction week since the pre-Easter seasonal spike, 2,879 homes were auctioned across the combined capitals last week, up 39.8% from the 2,059 auctions held the week prior. With 60.1% of auctions held returning a successful result, last week’s clearance rate is the lowest capital city clearance rate recorded since late August 2021 (58.0%) when Sydney, Melbourne and Canberra were in lockdown. Last week’s result overtook the week prior (61.8%) as the lowest clearance rate of the year to date. This time last year 77.0% of the 2,905 auctions held across the capitals were successful.
Melbourne hosted the most auctions last week, with 1,291 homes auctioned across the city. Compared to the week prior (905), last week’s auction activity was up 42.7%, but down -4.0% from the 1,345 auctions held this time last year. Melbourne was amongst only two capitals to record a rise in its clearance rate last week, up 70 basis points with 60.5% of auctions reporting a successful result. The previous week saw 59.8% of auctions return a successful result, while this time last year 75.4% of auctions held were successful.
In Sydney, 946 homes went under the hammer last week, up 43.6% from the 659 auctions held the week prior. Compared to the 1,150 auctions held this time last year, last weeks volumes are down 17.7%. Sydney’s clearance rate continued to fall last week, down 1.4 percentage points to 53.8% - Sydney’s lowest clearance rate since Late April 2020 amid the first COVID outbreak. Sydney’s withdrawn rate held around the 20% mark for the 4th week in a row, with 19.6% of last week’s auctions withdrawn. The previous week saw 55.3% of auctions return a successful result while this time last year 78.9% of auctions held were successful.
Auction activity was up across the small capital cities last week, up 29.7% compared to the week prior and 56.6% compared to this time last year. Adelaide hosted the most auctions last week, with 260 homes auctioned across the city, followed by Brisbane (228) and Canberra (134). Canberra (76.1%) recorded the highest clearance rate, up 1.1 percentage point from the week prior, while clearance rates fell in Adelaide (75.2%) and Brisbane (58.6%). Of the 17 auctions held in Perth, eight recorded a successful result, while none of the three auctions held in Tasmania were successful.
Sub-region auction statistics (Final) –w/e 15 May 2022
Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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