Auction activity is expected to rise this week across the combined capital cities with 2,077 homes scheduled to go under the hammer. This week’s volumes are up 20% on last week’s 1,728 auctions held and also higher than the 1,154 auctions held one year ago.
Auctions this week ending 1 August
There are 909 homes currently scheduled to go to auction across Melbourne this week, an 18% rise on last week’s volumes as the city emerges from lockdown.
Meanwhile in Sydney, despite being in a well entrenched lockdown the city has maintained a considerable level of auction activity each week, this week is showing no different with a rise of 23% in the number of scheduled auctions. There are 721 homes set to go under the hammer this week, up on the 585 last week.
Scheduled volumes are higher across each of the smaller capital cities except Perth where scheduled volumes have halved over the week. The busiest of the smaller cities is Brisbane with 181 homes currently scheduled for auction, followed by Canberra with 125 scheduled auctions and Adelaide with 124.
Summary of last week's results
The final auction clearance rate saw a slight weakening last week as volumes dipped across the combined capital cities. This comes as multiple cities battled with lockdowns over the week. There were 1,728 capital city homes taken to auction, returning a final auction clearance rate of 73%. Over the previous week a higher 2,097 auctions took place returning a final success rate of 73.7%. While one year ago, 1,326 auctions were held and a final clearance rate of 54.1% was recorded.
Capital city auction statistics (Final) - week ending 25 July 2021
Melbourne returned a final auction clearance rate of 70.8% last week as volumes dipped across the city. There were 772 auctions held down on the 967 auctions held over the week prior when a higher 71.5% final clearance rate was recorded. Of the 768 results collected last week, 23% were withdrawn and of the 544 sold results 51.8% sold prior to the scheduled auction event.
Weekly clearance rate, combined capital cities
In Sydney, 585 auctions took place last week, the lowest number since the lockdown period to date. The lower volumes saw the final clearance rate fall to 72.8% from 76.6% the week prior when 769 auctions took place. Of the 580 results collected, a 21% withdrawal rate was recorded and of the 422 sold results 58.1% sold prior to auction.
Canberra not only was the best performing auction market last week, but the city also recorded its second highest clearance rate of the year at 94.6%. Adelaide was the next best performing with a final clearance rate of 77.9%.