There are fewer homes scheduled for auction this week across the combined capital cities, with four of the states & territories welcoming a public holiday this coming Monday.
There is a total of 1,610 auctions currently being tracked by CoreLogic this week, down 35% on last week’s volumes (2,473).
Melbourne is set to see the largest fall in auction activity this week with volumes expected to be down by -63% over the week, with 483 properties scheduled to go under the hammer. Last week, 1,299 homes were taken to auction across the city and one year ago a lower 418 homes were auctioned.
Auctions this week
In Sydney, 833 homes are scheduled to go to auction this week, down only slightly on the 844 auctions held last week, and similar to the 830 homes auctioned one year ago.
Across the smaller cities, volumes are set to be lower over the week in Brisbane and Canberra, while Adelaide and Perth are expected to see a higher number of homes taken to auction.
Summary of last weeks results
There were 2,473 capital city homes taken to auction last week; the busiest week we’ve seen for auctions so far this year. The higher volumes saw the weighted average clearance rate maintain strength with 79.3% of homes selling, which was only slightly below the week prior when 79.6% sold and volumes were lower (2,128). Over the same week in 2020, a higher 3,026 auctions were held with a success rate of 73.9%.
Capital city auction statistics (Final)- w/e 28 February 2021
In Melbourne, 1,299 homes were taken to auction last week, returning a final auction clearance rate of 76.4%. This was down on the previous week’s 77.4% across a lower 1,095 auctions, although higher than the 74.8% a year ago when 1,612 auctions took place.
Weekly clearance rate, combined capital cities
Sydney returned a final auction clearance rate of 85.3% last week; the highest final result the city has recorded since Jun-15 and the fourth consecutive week above the 80% mark. The strong result was across a higher volume of auctions over the week with 844 auctions held, up from 768 the week before. One year ago, 1,087 homes were taken to auction across the city when 76.6% cleared.
Across the smaller cities, Adelaide was the best performing of the smaller auction markets for the second consecutive week with 80.4% of homes selling, followed closely by Canberra (75.2%) and Brisbane (74.1%).