Going out with a bang, this week’s capital city auction volumes are expected to overtake 3 weeks prior as the second busiest auction week since CoreLogic records commenced in 2008 and will mark the 4th consecutive week where auction volumes have exceeded 4,000. There are 4,880 homes set to go to auction this week, down slightly compared to last week’s record-breaking 4,981 auctions, but more than double the number of auctions held this time last year (2,331).
Auctions this week
Melbourne is expected to host 2,179 auctions this week, overtaking the week ending 25th March 2018 (2,071) as the second busiest on record. This week’s predicted volumes are down 6.0% compared to last week’s all-time high (2,318), but up compared to the 1,182 auctions held across the city this time last year.
Across Sydney, 1,706 homes are scheduled to go under the hammer this week, down from the record high 1,791 auctions that took place last week. Similar to Melbourne, this week is expected to be Sydney’s second busiest on record, beaten out only by the all-time high set last week. This time last year 764 auctions were held.
Predicted auction numbers are up across the smaller capital cities this week, with Adelaide, Brisbane and Canberra all anticipated to break the record highs set last week. Brisbane is expected to lead the pack with 361 scheduled auctions, up 18.0% from 306 last week. 348 homes across Adelaide are scheduled for auction this week (up from 309 last week), while Canberra is set to host 252 auctions this week (up from 224 last week). Perth is scheduled to host 32 auctions this week, while two homes are set to go to go under the hammer across Tasmania.
Summary of last week's results
Last week saw the highest number of homes taken to auction on record, with all the capitals (excluding Perth and Tasmania) recording the busiest auction week since CoreLogic records commenced in 2008. Across the combined capitals last week, 4,981 auctions occurred, overtaking the previous record of 4,251, set just two weeks prior. High auction volumes have seen clearance rates trend lower over the past couple of months and last week was no exception with the combined capitals recording its lowest clearance rate since late August (64.0%). The previous week saw 66.3% of the 4,153 homes taken to auction record a successful result, while this time last year 71.1% of the 2,580 auctions held were successful.
Capital city auction statistics (Final)- w/e 12 December 2021
Melbourne hosted 2,318 auctions last week, overtaking the week ending 25th March 2018 (2,071) as the busiest on record and recording auction volumes in excess of 2,000 for only the second time. Compared to the week prior (1,912), the number of auctions held last week was up 21.2% and nearly double the number of auctions recorded this time last year (1,167). Continuing the downward trend seen since mid-November, Melbourne’s clearance rate slipped further, with 63.3% of auctions held last week recording a successful result. The previous week recorded a clearance rate of 65.3% while this time last year 69.7% of auctions held were successful.
Weekly clearance rate, combined capital cities
Across Sydney, 1,791 homes were taken to auction last week, up 22.2% from the week prior (1,466), overtaking the week ending 30th November 2014 as the busiest week on record (1,631). Similar to Melbourne, Sydney’s clearance rate slipped further this week, recording its lowest clearance rate of the year-to-date at 60.8%. The week prior saw 63.8% of auctions recording a successful result, while 73.1% of the 1,009 auctions held this time last year were successful. Across the smaller auction markets, Adelaide (309), Brisbane (306) and Canberra (224) all had their busiest auction week since records commenced in 2008. Adelaide recorded the highest clearance rate at 78.8%, followed by Canberra (75.0%) and Brisbane (68.0%). In Perth, eight of the 27 auctions held were successful (29.6%), while Tasmania hosted six auctions last week, five of which recorded successful results.
Regardless of this week’s results, this year has overtaken 2017 (109,268) as the busiest auction year on record, with 111,928 auctions held over the year-to-date.