Predicted auction volumes remain strong across the combined capitals with more than 3,000 homes scheduled to go to auction for the third consecutive week. Across the capital city markets, 3,313 homes are set to go under the hammer this week, down slightly from last week’s recent peak of 3,546 but up from the 1,757 auctions that occurred this time last year.
Auctions this week
This week, 1,388 auctions are scheduled across Melbourne - its 5th consecutive week with more than 1,000 homes going under the hammer. Last week Melbourne hosted 1,752 auctions, while this time last year only 611.
Sydney is set to have its busiest week since late March and its second busiest week for the year with 1,266 homes scheduled to go to auction. This is up nearly 10% from the previous week when 1,151 homes went to auction, and 48.7% compared to this time last year (851).
Across the smaller combined capitals, Brisbane is set to have its busiest week since November 2016 (262) with 260 homes scheduled for auctions. This is followed by Adelaide and Canberra with 234 and 136 auctions expected to occur respectively. Perth is predicted to host 24 auctions this week, while 5 homes are scheduled for auction this week in Tasmania.
Summary of last week's results
Last week was the busiest auction week since late March and the second busiest week of the year with 3,546 homes taken to auction across the combined capitals. Auction volumes were up 17.5% compared to the previous week (3,019) and more than double the volumes recorded this time last year (1,747). Of the 3,511 results recorded, 76.8% were successful, down from 78.9% the week prior but up from 71.0% this time last year.
Capital city auction statistics (Final)- w/e 31 October 2021
Auction volumes rose 19.4% across Melbourne this week, with 1,752 homes going to auction compared to 1,467 the week prior. The rise in volumes saw clearance rates slip with 75.2% of the 1,731 results reported returning a successful result, down from 77.8% the previous week. This time last year 70.1% of the 606 homes taken to auction were successful.
Weekly clearance rate, combined capital cities
Sydney had its busiest auction week since entering lockdown in late June with 1,151 homes taken to auction.This week’s volumes were up 18.2% from the week prior (974) and up 34.8% compared to the same time last year (854). Similar to Melbourne, the rise in volumes saw the clearance rate fall when compared to the previous week (76.6% compared to 78.5%). This time last year 73.1% of auctions were successful.
Across the smaller capital city markets, Canberra reported the highest final clearance rate followed by Adelaide, with 86.4% and 85.2% of auctions resulting in a successful result respectively. This marks the 7th and 8th consecutive week that these markets have had a final clearance rate above 80%. This week 76.6% of Brisbane’s auctions were successful, while only 57.1% of Perth's auctions were successful. Of the 4 auctions held across Tasmania last week, 3 returned a successful result.