News & Research

National Auction Market Preview - 20 February 2022

Scheduled auction activity across the combined capitals is just shy of 3,000 this week, with 2,971 homes set to go under the. Compared to the week prior (2,401), this week’s auction volumes are up 23.7% and up 39.6% compared to volumes recorded this time last year.

Auctions this week

Auction activity continues to surge across Melbourne with 1,347 homes scheduled to go under the hammer this week, up 29.6% from the 1,039 auctions that occurred last week. This time last year, 1,095 auctions were held across Melbourne.

Sydney’s auction activity is expected to exceed 1,000 for the first time this year with 1,072 homes scheduled to go to auction this week. This is up 21.0% compared to the 886 auctions recorded last week and up 39.6% compared to this time last year (768).

After a small dip in auction activity last week, this week’s auction volumes are up across the smaller capitals, with 552 homes scheduled for auctions. While volumes are still below those recorded two weeks prior (597), this week’s scheduled auctions are more than double the number of auctions held over the same week last year (265). Brisbane (218) is set to host the most auctions this week, followed by Canberra (144) with auction activity up 25.3% and 22.0% respectively. Adelaide’s auction volumes are up a more modest 5.6% compared to the week prior with 169 homes scheduled for auction, while 18 homes are expected to go under the hammer across Perth. Three auctions are scheduled in Tasmania.

Summary of last week's results

Continuing the recent trend, clearance rates rose across the combined capitals last week, despite a 35.0% rise in auction activity. 2,401 capital city homes went under the hammer last week, up 35.0% from the 1,779 auctions held the week prior and up 60.5% from the number held this time last year (1,496). Despite the continued surge in volumes, the combined capitals recorded its highest clearance rate since late October 2021 with 73.5% of auctions held recording a successful result. Last week’s clearance rate was 1 percentage point higher than the previous week (72.5%) but was down compared to the clearance rate seen this time last year (77.1%).

Capital city auction statistics (Final)- w/e 13 February 2022

Melbourne hosted the most auctions last week, with auction volumes exceeding 1,000 for the first time this year. With 1,039 homes taken to auction across the city, auction activity was up 78.5% compared to the previous week, when 582 auctions were held. With last week’s increase in volumes, Melbourne’s clearance rate fell, to 69.7%, down from 74.7% the week prior. This time last year 70.6% of the 635 auctions held returned a successful result.

Weekly clearance rate, combined capital cities

Unlike Melbourne, both Sydney’s auction volumes and clearance rate rose last week, recording its highest clearance rate since late October 2021. Hosting 886 auctions, Sydney’s auction activity was up 47.7% compared to the previous week (600) and up 41.8% compared to this time last year (625). Despite this, Sydney recorded a clearance rate of 75.4%, up compared to the week prior (72.7%) but down compared to this time last year (83.9%).

Clearance rates fell slightly across Canberra and Adelaide despite a small dip in auction activity. Canberra recorded the highest clearance rate for the third consecutive week, with a clearance rate of 81.4% (down from 83.6%), followed by Adelaide with a rate of 78.5% (down from 82.4%). Brisbane recorded a rise in its clearance rate with 77.5% of auctions recording a successful result (up from 56.2%). Across Perth, 15 of the 20 auctions recorded a successful result (75.0%), while just one of the four auctions held across Tasmania last week was successful.

Sub-region auction results (Final)- w/e 13 February 2022

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Tim Lawless

Meet Tim Lawless

Executive, Research Director, Asia-Pacific

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Tim is the founder and Research Director of CoreLogic’s Asia–Pacific research division (formerly RP Data). In this capacity, he manages a team of specialists across Australia and New Zealand, bringing more than 15 years’ experience across property markets to the role.

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