There are 2,934 capital city homes set to go to auction this week, down only slightly on last week’s 3,016 auctions held, which happened to be the second busiest week for auctions of the year. It is expected that this week will be the third busiest week of 2021.
Auctions this week
Melbourne is expecting 1,302 auctions to be held this week, down on the 1,411 held last week, although higher than the 127 last year.
Meanwhile volumes are set to rise across Sydney with 1,207 homes to go under the hammer this week, increasing on the 1,146 last week and the 194 one year ago.
Week-on-week scheduled activity across the smaller cities is varied, with scheduled auction volumes higher in Perth and Tasmania, lower in Brisbane and Canberra and steady across Adelaide.
Summary of last week’s results
The final auction clearance rate came in at 77.2% last week as volumes reached their second highest level of the year. There were 3,016 capital city homes taken to auction, up on the 2,902 auctions held over the previous week when a higher 77.7% cleared.
Houses have been the better performer in terms of clearance rates this year, with 10.6% more houses selling than units last week. The final clearance rate for houses came in at 79.7% last week, while 69.1% of units sold. Houses generally make up a much larger proportion of overall activity with houses accounting for 76.5% of auctions last week.
Capital city auction statistics (Final)- w/e 9 May 2021
While Melbourne has consistently been the busier auction market of the two largest cities, Sydney has been the standout performer with clearance rates consistently above 80% for 13 out of the 15 week’s we’ve reported on this year.
There were 1,411 Melbourne homes auctioned last week, returning a final auction clearance rate of 74.1%, lower than the 75.1% over the week prior when volumes were a lower 1,310.
Sydney returned a final auction clearance rate of 81.4% across 1,146 auctions last week, improving on the 80.2% across 1,119 auctions the previous week.
Canberra returned the highest clearance rate of the smaller capital cities last week with 87.6% of homes selling across the city, followed by Adelaide (77.2%), Brisbane (74.4%) and Perth (44.4%).
CoreLogic Australia