Auction activity continues to surge across the combined capitals with this week's scheduled volumes set to become the busiest February auction week since CoreLogic records commenced in 2008.
Auction activity continues to surge across the combined capitals with this week's scheduled volumes set to become the busiest February auction week since CoreLogic records commenced in 2008. With 3,472 homes set to go under the hammer this week, auction activity is up 19.8% compared to the week prior (2,898). Compared to the number of auctions recorded this time last year (2,473), auction activity is up 40.4% with an additional 999 homes set to got under the hammer.
Auctions this week
With 1,563 homes set to go to auction this week, Melbourne is the busiest auction market, hosting 45.0% of this week’s auctions. Compared to the week prior (1,323), auction volumes are up 18.1% and up 20.3% compared to this time last year (1,299).
Continuing the upwards trend in activity, Sydney is set for its busiest week of the year, with 1,282 auctions scheduled across the city. This week's scheduled volumes are up 25.6% compared to last week when 1,021 homes went under the hammer, and up 51.9% compared to this time last year when 844 auctions were held.
Auction activity continues to rise across the smaller capitals with Brisbane, Canberra and Melbourne all set for the busiest auction week of the year. Across the smaller capitals, Brisbane (233) is set to host the most auctions with auction activity doubling (100.9%) compared to this time last year (116). This is followed by Adelaide (212) and Canberra (166) with auction activity up 130.4% and 52.3% respectively compared to this time last year. In Perth, 16 homes are scheduled for auction, while no auctions are currently scheduled across Tasmania.
Summary of last week's results
Reversing the trend seen since the beginning of the year, clearance rates fell last week as auction activity continued to surge. Across the combined capitals, 2,898 homes were taken to auction, with 72.8% recording a successful result. Last week’s results are the first decline in clearance rates recorded this year, with clearance rates falling from 73.5% the week prior. Last week’s auction volumes were up 20.7% compared to the previous week (2,401) and up 36.2% compared to this time last year (2,128) when 79.6% of auctions were successful. With auction activity expected to surge over the coming weeks, it’s likely the clearance rate will continue to soften as buyers are faced with more options.
Capital city auction statistics (Final)- w/e 20 February 2022
Sydney’s auction activity rose last week, recording auction volume in excess of 1,000 for the first time this year. Across the city, 1,021 homes went under the hammer, up 15.2% from the 886 auctions recorded the week prior. Sydney’s clearance rate fell for the first time this year, from 75.4% to 71.8%. This time last year, 83.4% of the 768 auctions held recorded a positive result.
Weekly clearance rate, combined capital cities
Melbourne hosted the most auctions last week, with 1,323 auctions held across the city. Compared to the week prior (1,039), last week's volumes were up 27.3%, and up 20.8% compared to those seen this time last year (1,095). Following the fall in clearance rates recorded the previous week (from 74.7% to 69.7%) Melbourne was amongst the few capitals to record a rise in clearance rates last week (73.4%). This time last year 77.4% of auctions held were successful.
Auction activity continued to surge across the smaller capitals last week, up 16.4% compared to the week prior and more than double the number recorded this time last year (265). Adelaide was among one of the few cities to record a rise in its clearance rate, with 82.1% of the 165 auctions held returning a positive result, up from 78.5% the week prior. Both Canberra (73.7%) and Brisbane (66.7%) recorded a decrease in clearance rates with auction activity rising 29.7% and 24.7% respectively compared to the week prior. In Perth, five of the 16 auctions held recorded a successful result, while three auctions were held across Tasmania, one of which was successful.
Sub-region auction results (Final)- w/e 20 February 2022
Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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