There are fewer auctions scheduled across the combined capital cities this week. This is likely due to most of the states and territories welcoming a long weekend with the Queen’s Birthday public holiday this coming Monday.
There are 1,636 capital city homes set to go under the hammer over the week, down 39% on last week’s 2,668 auctions held, although higher than the 1,181 auctions held across the capital cities one year ago.
Auctions this week
In Melbourne, 519 homes are set to be auctioned this week as the city is expected to emerge from a two week lockdown. Last week, 1,452 properties were scheduled to go to auction, which was expected to be the second busiest week of the year for the city, however with the extended lockdown this revised down, with 25.6% of auctions rescheduled to a later date. Of the properties that were still set to go ahead, around 30% reported a withdrawn result by final collection.
Scheduled auction volumes are lower across each of the smaller cities over the week, with the exception of Perth where volumes remain low relative to the other capital cities, but are higher over the week.
Summary of last week's results
The combined capital city final auction clearance rates shows further weakening for the fourth consecutive week.
There were 2,668 capital city homes taken to auction last week, revising down from the initial predicted count of 3,101 as Melbourne extended its lockdown period for another week. Of the 2,663 result collected, which equates to a 99.8% collection rate, 70.6% were sold results. This was lower than the 73.5% recorded over the week prior when a higher 2,905 auctions took place.
Capital city auction statistic's (Final) - week ending 6th June 2021
There were 1,081 Melbourne homes scheduled for auction last week, revising down from the initial 1,452 auctions scheduled as the city remained in lockdown. Of the 1,079 results collected across the city, 64% recorded a sold result, this was the lowest final clearance rate of the year for the city as many properties withdrew from the market, resulting in a withdrawal rate of 31%. Of the 691 properties that did sell, 56.4% sold prior to the scheduled auction date.
Weekly clearance rate, combined capital cities
In Sydney, 1,164 homes went to auction returning a final auction clearance rate of 75.6%. Over the previous week, a slightly higher 76% final clearance rate was achieved across 1,174 auctions.
Across the smaller auction markets, the best performing was once again Canberra with 83.3% of homes selling at auction across the city.