Auction activity continues to rise across the combined capitals with scheduled auction volumes up 48.2% over the week. CoreLogic is currently tracking 1,728 capital city homes set to go to auction, up from 1,166 auctions last week. Auction activity has ramped up faster than in previous years with this week’s volumes 32.5% above those recorded this time last year (1,304) and more than double the 5-year average (827).
Auctions this week
Sydney is set to host the most auctions this week, making up 34.8% of this week’s auction activity. Across the city, 602 homes are scheduled to go under the hammer, up 81.9% from the 331 auctions held the week prior. This time last year 447 homes were taken to auction.
Following Sydney, Melbourne is scheduled to host 32.8% of this week’s auctions, with 567 homes expected to go under the hammer. This week’s auction volumes are up 43.9% compared to last week (394) but down 7.8% compared to this time last year (615).
Across the smaller capital cities, auction activity continues to rise with expected volumes up 26.8% compared to last week (441) and up 131.0% compared to this time last year (242). Adelaide is again expected to host the most auctions of the smaller capitals, with 195 homes scheduled to go under the hammer. This is followed by Brisbane (181) and Canberra (152). Canberra’s auction activity had a slow start to the season compared to the other smaller capitals, but rose sharply this week, up 100.0% compared to the week prior (76). Perth is expecting 30 homes to go under the hammer this week, while one home is scheduled for auction in Tasmania.
Summary of last week's results
Clearance rates rose across most of the capitals last week despite the number of auctions more than doubling week on week. Last week 1,166 homes were taken to auction across the combined capitals. This was up 167.4% compared to the previous week (436) and up 31.9% compared to this time last year (884). Despite the increase in volumes, clearance rates rose, with 72.4% of auctions held recording a successful result. A clearance rate of 66.0% was recorded the week prior, while this time last year 77.2% of auctions held were successful. Last week’s clearance rate was the highest recorded since the middle of November (73.2%), prior to the record-breaking auction volumes seen in December last year.
Capital city auction statistics (Final)- w/e 30 January 2022
Melbourne’s auction activity ramped up sharply this week, with auction volumes up 181.4% compared to the week prior (140). Despite auction volumes more than doubling, the Melbourne clearance rate rose from 60.4% the previous week to 67.5%. This time last year Melbourne hosted 390 auctions, 80.0% of which were successful.
Weekly clearance rate, combined capital cities
Sydney also recorded a rise in clearance rates last week, despite recording auction volumes more than four times those seen the previous week. 66.3% of the 331 auctions held last week were successful compared to 54.9% of the 73 auctions held the week prior. This is the first time Sydney has recorded a week on week rise in the clearance rate since early October 2021 (81.6%), prior to the easing of COVID lockdown restrictions. This time last year 76.7% of the 270 auctions held recorded a successful result.
Across the smaller capitals, Canberra recorded the highest clearance rate, with 85.5% of the 76 homes auctioned across the city recording a successful result. Adelaide recorded the second-highest clearance rate (81.8%) despite being the only city to record a fall in its week on week clearance rate (82.7%), followed by Brisbane (80.1%). In Perth, 10 of the 15 auctions held recorded a successful result, while one auction held in Tasmania was successful.
Sub-region auction results (Final)- w/e 30 January 2022