While down from the record breaking volumes recorded last week, this weeks predicted capital city auction volumes are set to become the second busiest auction week since CoreLogic records commenced in 2008. Across the combined capitals, 4,222 homes are expected to go to auction, down 0.7% from the 4,251 auctions held last week. This is only the second time predicted auction volumes have exceeded 4,000. This time last year 2,085 auctions were held.
Auctions this week
Across Melbourne, 1,887 homes are predicted to go under the hammer this week, set to become Melbourne’s third busiest auction week of the year. While down when compared to the 1,910 auctions held last week, this weeks predicted volumes are more than double those seen this time last year (899).
In Sydney, 1,547 homes are scheduled for auction this week, up one from the 1,546 auctions held last week. If all the predicted auction occurs, this week will overtake last week as Sydney’s second busiest on record and will see Sydney’s auction volumes grow for its ninth consecutive week. This time last year 867 homes were taken to auction.
Across the smaller capital cities, Adelaide and Canberra’s predicted auction volumes are down compared to last week’s record-breaking number of auctions (303 and 187 respectively). Adelaide is set to host 299 auctions this week, while 180 homes are set to go under the hammer in Canberra. Across Brisbane 279 homes are expected to go to auction this week, up 10.3% from the 253 held last week. Perth is scheduled to host 25 auctions, while five homes are set to go to auction across Tasmania.
Summary of last week's results
This week saw Canberra, Adelaide and the combined capital cities all recording their busiest auction weeks since CoreLogic records commenced in 2008. Across the combined capitals 4,251 homes went under the hammer, marking the first time the volume of capital city auctions has exceeded 4,000 and overtaking the week ending 25th March 2018 (3,990) as the busiest auction week on record. The week prior saw 3,720 capital city homes go under the hammer, while this time last year 2,168 auctions were held. Continuing the downward trend observed since early October, the increase in volumes saw the clearance rate fall to 68.5%, down from 70.3% the previous week. This time last year 70.6% of auctions held were successful.
Capital city auction statistics (Final)- w/e 28 November 2021
Melbourne hosted the most auctions last week with 1,910 homes going under the hammer across the city. This is up 15.3% from the week prior (1,657) and is more than double the number of auctions recorded this time last year (909). Last week 66.3% of auctions held were successful – Melbourne’s lowest clearance rate since the middle of September (58.5%) when COVID restrictions were in full effect. Melbourne recorded a clearance rate of 68.6% the week prior, while 69.3% of auctions held this time last year were successful.
Weekly clearance rate, combined capital cities
Originally scheduled for its busiest week on record, Sydney disappointed last week and instead recorded its second busiest, hosting 1,546 auctions across the city. The rise in volumes saw Sydney record its lowest clearance rate over the year-to-date with 67.2% of auctions recording a successful result. Sydney hosted 1,352 auctions the week prior , 68.7% of which were successful, while this time last year 72.5% of the 886 homes taken to auctions recorded a successful result.
Across the smaller capitals, Canberra’s clearance rate rose, to 84.0% last week, up from 78.3% the week prior, despite reporting its highest ever volumes (187). Adelaide also recorded its busiest ever week (303) but saw its clearance rate fall, from 80.3% to 79.6%. Brisbane recorded its lowest clearance rate since mid-September with 72.3% of the 253 homes taken to auction last week recording a successful result. Perth held 51 auctions last week, 26 of which sold at auction, while the single auction held in Tasmania was successful.