Auction activity continues to rise across the combined capital cities with scheduled auction volumes up by 27% over the week. CoreLogic is currently tracking a total of 1,659 capital city auctions, increasing on last week’s final count of 1,304 auctions held and higher than the 1,596 one year ago.
Melbourne is expected to make up 47% of all auction activity this week with 782 homes set to go under the hammer, up on last week’s 615 auctions held, and the 743 recorded over the same week last year.
Auctions this week
Following Melbourne, with the second largest proportion of activity, is of course Sydney. Sydney will host 38% of scheduled auctions this week, with 634 properties scheduled to go under the hammer. This week’s scheduled count is higher than the final figure last week (447) and last year (583).
Across the smaller cities, scheduled volumes are lower over the week in Adelaide (78) and Brisbane (81), while Canberra (65) and Perth (18) are set to host more auctions. Tasmania has only 1 auction scheduled for this week.
Summary of last weeks results
Last week, as auction volumes rose, so too did the final auction clearance rate.
There were 1,304 capital city homes taken to auction last week, returning a final auction clearance rate of 79.3%. Last week’s final success rate was an improvement on the 77.2% recorded over the week prior across a lower 884 auctions. So far the 2021 auction market is off to a strong start when comparing to the same weeks last year. There were 1,167 auctions held one year ago and a 67.7% final clearance rate.
Capital city auction statistics (Final)- w/e 7 February 2021
In Melbourne, the final auction clearance rate fell as volumes rose over the week. There were 615 homes taken to auction across the city returning a final auction clearance rate of 76%, lower than the 80% achieved the week prior when 390 auctions took place. One year ago, 419 Melbourne homes were taken to auction with 68.5% returning a successful result.
Weekly clearance rate, combined capital cities
Sydney returned a strong result last week as volumes rose. There were 447 auctions held and 84.4% of those sold. Improving on the 76.7% across 270 auctions over the week prior and also higher than the 77.6% recorded one year ago across the same number of auctions.
The smaller cities returned varied results, Canberra was the standout performer with the highest final clearance rate of 86.2%. Followed by Adelaide where 83.3% of homes sold.