Predicted auction volumes are at record highs with Sydney, Canberra and Adelaide set to record their highest volumes since CoreLogic records commenced in 2008. With 4,354 homes set to go under the hammer across the combined capitals, this week is set to be the busiest on record and marks the first time predicted auction volumes have exceeded 4,000. Last week 3,720 homes went to auction while this time last year 2,168 auctions occurred.
Auctions this week
Melbourne is expected to host the most auctions this week, with 1,898 homes scheduled to go under the hammer. This is up 14.5% compared to last week (1,657) and is more than double the number of auctions recorded this time last year (909).
Across Sydney 1,656 auctions are currently scheduled, making this week Sydney’s busiest auction week on record. The volume of auctions across Sydney has trended upwards since COVID-19 restrictions eased in the week ending 3rd October (753) growing by approximately 120%. Last week, Sydney hosted 1,352 auctions, while this time last year 886 homes went under the hammer.
Across the smaller capital cities, both Adelaide and Canberra are set to overtake last week to again record their highest ever auction volumes, with 308 and 183 auctions scheduled respectively. Perth is expecting its busiest week of the year with 47 auctions scheduled, while Brisbane is set to host 260 auctions. Two homes are scheduled to go to auction across Tasmania this week.
Summary of last week's results
Maintaining volumes in excess of 3,000 for the fifth consecutive week, last week overtook three weeks prior as the second busiest week of the year. Up 5.1% from the previous week (3,539), last week saw 3,720 capital city homes go under the hammer, more than double what was seen this time last year (1,803). Continuing the downward trend observed since early October, the clearance rate fell to 70.3%, down from 73.2% the previous week. This time last year 69.1% of auctions held were successful.
Capital city auction statistics (Final)- w/e 21 November 2021
Across Melbourne, 1,657 homes went under the hammer last week, up 5.9% from the week prior (1,564). With an average auction volume in excess of 1,400 for the past eight weeks, Melbourne’s clearance rate has trended downwards since the recent peak of 85.3% in early October. Over the past three weeks, the clearance rate appears to have stabilised in the high 60% to low 70% range, recording a clearance of 68.6% last week and 71.8% the week prior. This time last year 70.0% of the 646 auctions held were successful.
Weekly clearance rate, combined capital cities
Continuing the trend seen since COVID restrictions eased in early October, last week saw Sydney’s auction volumes rise while its clearance rate fell. Overtaking the week prior as the busiest since late March, last week saw 1,352 auctions held across Sydney, recording a clearance rate of 68.7% - Sydney’s lowest clearance rate all year. The previous week saw 1,259 homes taken to auction recording a clearance rate of 71.5%. This time last year 71.6% of the 805 auctions held were successful.
Across the smaller capital cities, Adelaide (80.3%) was the only city to maintain a clearance rate above 80% last week, despite recording its highest ever volumes (255). Canberra also recorded its highest ever volumes (180) but saw its clearance rate fall (78.3%), while Brisbane’s clearance rate rose (77.0%) while its volumes fell (250). In Perth 12 of the 25 auctions held were successful while the one auction held in Tasmanian last week recorded a successful result.
Sub-region auction results (Final)- w/e 21 November 2021
CoreLogic Australia