This week we are expecting the third busiest week for auctions since CoreLogic started collecting auction data in 2008. There are 3,880 properties set to go under the hammer across the combined capital cities this week, up 43% on last week’s volumes (2,710). The uplift in scheduled volumes this week is not unusual over the week pre-Easter each year, however this is the largest number of auctions we’ve seen since pre-Easter 2018 (3,990).
Auctions this week
Almost half of the scheduled auctions this week are in Melbourne, with CoreLogic currently tracking 1,906 auctions across the city, up from 1,322 last week and 1,565 last year.
Sydney makes up 38% of the total volumes, with 1,468 scheduled auctions this week. Last week there were 1,025 auctions held across the city and one year ago, 1,279 auctions took place.
Each of the smaller capital cities are also expecting to see volumes rise over the week. Adelaide is expecting the largest increase in scheduled volumes, up 82% with 162 homes set for auction.
Summary of last weeks results
Last week, the weighted average clearance rate improved as volumes increased. There were 2,710 capital city homes taken to auction over the week, returning a final auction clearance rate of 80.9%. Over the week prior, a lower 2,218 auctions were held with 80% successful. Last week marked the third consecutive week where the final clearance rate has come at or above 80%. One year ago, 2,599 auctions took place with a much lower success rate (56.9%).
Capital city auction statistics (Final)- w/e 21 March 2021
In Melbourne, 1,322 properties went to auction last week with 78.8% selling. This was an improvement on the week prior when a 77.6% clearance rate was achieved and volumes were lower (1,102). Over the same week one year ago, 1,343 auctions where held and 58.4% sold.
Weekly clearance rate, combined capital cities
Sydney has consecutively recorded a clearance rate above 80% over the last seven weeks. The strength in the Sydney market was tested across higher volumes last week. There were 1,025 homes taken to auction recording a final auction clearance rate of 85%, improving on the previous week’s 84.3% across 806 auctions. One year ago, 946 auctions were held across the city and a final auction clearance rate of 58.8% was recorded.
Across the remaining auction markets, Canberra recorded the largest final clearance rate of 87.5% last week, followed by Adelaide (82%), Perth (69.6%) and Brisbane (69.1%).