There were 1,835 homes taken to auction across the combined capital cities this week, up from 1,453 over the previous week and 915 this time last year. Of the 1,419 results collected so far, 74.6 per cent were successful. The previous week saw a preliminary auction clearance rate of 72.3 per cent, which revised up to 73.7 per cent at final figures, while this time last year, 67.6 per cent of auctions were successful.
Capital City Auction Statistics (Preliminary)
In Melbourne, 565 homes were taken to auction this week, down -10.2 per cent from the 629 originally scheduled. Over the previous week, 386 auctions were held across the city, while this week last year just 11 auctions were held. Of the 383 results collected so far, 39.9 per cent were withdrawn, and a preliminary auction clearance rate of 56.4 per cent was recorded. Of the 216 sold results, 59.7 per cent were sold prior to the scheduled auction date. The previous week saw a preliminary auction clearance rate of 54.4 per cent, which revised up to 55.0 per cent at final figures.
Weekly Clearance Rate, Combined Capital Cities
With one-on-one property inspections now permitted across Melbourne, the withdrawal rate fell to the lowest level since the week ending August 15. The lower withdrawal rate was a key driver of the higher clearance rate, which was the highest preliminary rate since that same week (w/e 15 August). It’s likely the Melbourne withdrawal rate will continue to fall as vendor confidence improves in line with the eased restrictions.
There were 796 auctions held in Sydney this week, compared to 661 over the previous week and 677 over the same week last year, making it the busiest auction week for Sydney since late June. Of the 693 results collected so far, 82.3 per cent were successful. Last week, Sydney’s preliminary auction clearance rate was slightly higher (83.8 per cent), revising down to 82.8 per cent at final figures, while this time last year, 67.5 per cent of reported auctions were successful.
Across the smaller auction markets, Perth was the best performing this week with a preliminary auction clearance rate of 90.0 per cent, although noting just 10 results were collected. Adelaide recorded a preliminary auction clearance rate of 85.0 per cent, followed by Brisbane (82.6 per cent) and Canberra (78.6 per cent). In Tasmania, 2 of the 3 auctions reported so far were successful.