With predicted volumes continuing to surge, the combined capitals are to have their busiest week since late March and their 4th busiest week since CoreLogic records commenced in 2008. This week 3,810 homes are expected to go under the hammer across the combined capitals, up from the 3,539 auctions that occurred last week and more than double the volumes recorded this time last year (1,803).
Auctions this week
This week Melbourne is scheduled to host 1,651 auctions - its seventh consecutive week with volumes in excess of 1,000. Last week Melbourne hosted 1,564 auctions while this time last year only 646 auctions occurred.
Continuing the upward trend seen since early October, Sydney is set to host 1,439 auctions this week – its busiest week all year. This week’s volumes are up 14.3% from the last week (1,259), and 78.8% from this time last year (805). Since restrictions lifted in early October, auction volumes have increased by 91.1%.
Across the smaller capitals, Adelaide and Canberra are scheduled to host 260 and 180 auctions respectively, overtaking the week prior as their busiest auction weeks on record. Volumes across Brisbane are down this week (250) compared to last week (287) but are more than double those seen this time last year (119). Perth is expected to host 29 auctions this week, while just one auction is currently scheduled across Tasmania.
Summary of last week's results
With capital city auction volumes in excess of 3,000 for the fourth consecutive week, last week overtook the week prior as the third busiest of the year. Up 7.5% from the week prior (3,292), last week saw 3,539 homes go under the hammer, more than double what was seen this time last year (1,728). With 3,530 results collected, 73.2% recorded a successful result, while 9.1% were withdrawn. The previous week recorded a clearance rate of 73.0% while this time last year 70.6% of auctions were successful.
Capital city auction statistics (Final)- w/e 14 November 2021
Across Melbourne, 1,564 homes went under the hammer last week, up 11.9% from the week prior (1,398). Despite the increase in volumes, the clearance rate rose compared to the previous week (67.7%), with 71.8% of auctions recording a successful result. This time last year 69.7% of the 604 auctions held were successful.
Weekly clearance rate, combined capital cities
Since COVID restrictions lifted in early October, Sydney auctions volumes have followed an upwards trajectory, while clearance rates have tended downwards. With its highest auction volumes since late March, last week saw Sydney record its lowest clearance rate since early July, with 71.5% of the 1,259 auctions held returning a successful result. The previous week saw 1,239 homes go under the hammer, reporting a clearance rate of 74.1%, while this time last year, 71.3% of the 840 auctions held reported a successful result.
Across the smaller capital cities, Adelaide’s clearance rate rose (82.2%) compared to the week prior (80.2%), despite recording its highest auction volumes since CoreLogic records commenced in 2008. Similar record volumes saw the clearance rates fall in Canberra (78.4%), dipping below 80% for the first time in 9 weeks. In Brisbane, 76.9% of auctions held reported a successful result, while 90% of the 20 auctions that occurred in Perth last week were successful. Tasmania hosted five auctions last week, and three returned a successful result.
Since lockdown restrictions eased across Sydney, Melbourne and Canberra, in the first week of October, auction volumes have increased by 78.2%. With each week outperforming the last, it's unlikely that auction volumes have reached their peak.