Auction volumes are set to drop weekon-week, with 1,567 capital city homes currently scheduled to go under the hammer this week, down from 1,960 over the previous week. This time last year, 866 auctions were held across the combined capital cities.
Auctions this week
There are 551 auctions scheduled in Melbourne this week, down -40.6 per cent from last week when 928 homes were taken to auction. This time last year, auction activity was almost at a standstill with just 28 auctions held across the city.
Sydney is set to host 618 auctions this week, up from 592 over the previous week and 608 this time last year.
Across the smaller capital cities, Brisbane is set to host the highest number of auctions over the week (158), followed by Adelaide (145) and Canberra (81). Perth is expecting to see 13 homes taken to auction, while there is just one auction scheduled in Tasmania this week.
Summary of last weeks results
A final clearance rate of 58.0 per cent was recorded across the combined capital cities last week, down from 64.3 per cent over the previous week, and 59.8 per cent over the same week last year. There were 1,960 homes taken to auction across the combined capitals last week, down from the 2,367 originally scheduled. Over the previous week, 1,764 auctions were held across the combined capitals, while this time last year, 1,128 homes were taken to auction.
Capital city auction statistics (Final)- w/e 29 August 2021
There were 928 auctions held across Melbourne last week, down -27.7 per cent from the initial predicted count as vendors choose to postpone amid the ongoing lockdown. Unlike Sydney, Melbourne’s lockdown prevents physical property inspections (private inspections can take place in Sydney during the lockdown period, albeit limited to one buyer at a time). Over the previous week, 876 auctions were held in Melbourne, while this time last year, there were just 162 auctions held across the city. Of the 928 auctions held last week, CoreLogic collected 919 results. Of these results, 61.6 per cent were withdrawn, up from 48.0 per cent over the previous week. This surge in withdrawals continues to weigh heavily on the final clearance rate which came in at 35.9 per cent last week, down from 49.1 per cent over the previous week and 40.6 per cent this time last year. Of the sold results last week, 66.1 per cent sold prior to auction, compared to 65.7 per cent over the previous week.
Weekly clearance rate, combined capital cities
In Sydney, 592 homes were taken to auction last week, up from 514 over the previous week, although lower than this time last year (706). Sydney recorded a final clearance rate of 80.2 per cent last week, up from 78.5 per cent over the previous week and 64.2 per cent this week last year. Of the sold results, just over half were sold prior to auction (52.2 per cent), down from the previous week when 58.7 per cent of successful auctions were sold prior to the scheduled auction date.
Across the smaller cities, Adelaide recorded a final auction clearance rate of 82.9 per cent last week, followed by Brisbane (70.9 per cent), Perth (69.2 per cent), and Canberra (68.4 per cent). Like Melbourne, Canberra’s final clearance rate was dragged lower due to a surge in withdrawals. Last week, 29.5 per cent of auctions in Canberra were reported as withdrawn, up from 15.3 per cent over the previous week.