Capital city auction activity continuing to ramp up this week after an earlier than expected start to the 2022 auction season. With 1,179 capital city homes scheduled to go under the hammer, this week’s auction volumes are more than double the 436 auctions held last week and up 33.4% compared to this time last year (884). Traditionally the quietest part of the year, this week is set to overtake the same week last year as the busiest January auction week since CoreLogic records commenced in 2008.
Melbourne is expected to host the most auctions with 396 homes across the city scheduled. This week’s expected volumes are nearly triple those seen last week (140) and up compared to the 390 auctions held this time last year.
Sydney is set to be the second busiest this week with 339 homes set to go under the hammer, up significantly from the 73 auctions held last week. This time last year Sydney hosted 270 auctions.
Across the smaller capitals, Adelaide is set to host the most auctions with 196 homes auctions scheduled, up from the 83 auctions held last week. This is followed by Brisbane with 154 homes expected to go under the hammer and Canberra with 79 auctions scheduled. Perth is expected to host 14 auctions, while just one home in Tasmania is set to go under the hammer this week.
Summary of last week's results
Following the seasonal slowdown, auction activity has ramped up earlier than usual, with 436 capital city homes taken to auction last week. Traditionally the quietest time of the year, last week’s auction activity was up 78.7% compared to the same time last year (244). Following a record level of auction activity in December, last week’s combined capital clearance rates were up compared to the December average (63.7%) with 66.0% of auctions held returning a successful result. Across the capitals, these results were more diverse, with last weeks clearance rates falling in Sydney, Melbourne and Canberra compared to the December average.
Capital city auction statistics (Final)- w/e 23 January 2022
Melbourne hosted the most auctions last week with 140 homes going under the hammer, up from 44 the week prior and up 10.2% from this time last year (127). Melbourne’s clearance rate was up compared to the week ending 19 December (60.0%) but down compared to the December average (62.8%) with 60.4% of auctions returning a successful result.
Across Sydney, 73 auctions were held last week, up from 20 auctions the week prior. This time last year 37 auctions were held. Continuing the downwards trend established in December, Sydney clearance rates fell this week compared to the week ending 19th December (57.0%) and were down compared to the December average (60.4%) with 54.9% of auctions recording a successful result.
Continuing the trend seen throughout the final quarter of last year, clearance rates amongst the smaller capitals were higher compared to the larger auction markets last week. Adelaide recorded the highest clearance rate with 82.7% of the 83 auctions held recording a successful result. Canberra recorded a clearance rate of 73.1% while 69.2% of the 99 auctions held in Brisbane were successful. In Perth 6 of the 13 homes taken to auction were successful, while two homes went to auctions across Tasmania, one of which was successful.
Weekly clearance rate, combined capital cities
Sub-region auction statistics (Final) –w/e 23 January 2022