The combined capital cities are expected to see a rise in auction activity this week, with 1,860 homes scheduled to go under the hammer, up on the 1,761 auctions held last week. The increase in volumes over the week are attributable to a rise across Melbourne and Perth with the remaining capital cities showing a lower number of scheduled auctions over the week.
Auctions this week ending 8th August
Melbourne is set to host 840 auctions this week, up on the 656 auctions held last week.
In Sydney, the city continues to show a resilient auction market with volumes remaining relatively steady throughout the lockdown to date. The city is expected to host 620 auctions this week, down on the 671 last week.
Of the smaller auction markets, Perth is the only city set to see a rise in volumes over the week, with 22 auctions currently scheduled. Brisbane was expected to be the busiest of the smaller capital cities this week, however with the current lockdown extended to Sunday afternoon, a large portion of these will likely be postponed.
Summary of last week's results
Last week, the combined capital city final auction clearance rate improved across a slightly higher number of auctions held. There were 1,761 homes taken to auction over the week, 33 auctions more than the previous week. The final auction clearance rate came in 4.2 percentage points higher over the week with 77.2% of auctions reporting a successful result, up from the 73% recorded over the week prior. One year ago, 1,154 auctions took place with a final success rate of 58.7%.
Capital city auction statistics (Final) - week ending 1 August 2021
Across Melbourne, 656 auctions were held last week, down on the 772 the previous week and the 357 one year ago. The final auction clearance rate came in at 77.2%, which was considerably higher than the 70.8% recorded over the week prior. One year ago a final auction clearance rate of 55.1% was recorded.
Weekly clearance rate, combined capital cities
Sydney’s auction market remains resilient under lockdown conditions with 671 auctions held last week, up on the 585 held the week prior. Of the 666 results collected, a final auction clearance rate of 76.1% was recorded. This was higher than the 72.8% final clearance rate recorded last week. 14% of results last week were withdrawn results which was lower than the 21% withdrawal rate recorded over the previous week. Of the 507 sold results, 61.3% were sold prior to the scheduled auction date, which was higher than the prior week’s 58.1%.
Canberra returned the highest final clearance rate of all the capital city auction markets with 86.6% of auctions held reporting a sold result. Adelaide followed with a final clearance rate of 83.8%.