The combined capital city preliminary auction clearance rate improved as volumes remained relatively steady week-on-week. There were 2,121 capital city homes taken to auction over the week, returning a preliminary auction clearance rate of 76.4%. This was higher than last week’s preliminary figure of 73.6% across 2,168 auctions, later revising down to 72.1% by final collection on Wednesday.
Capital City Auction Statistics (Preliminary)
In Melbourne, 1,077 homes were auctioned this week, returning a preliminary auction clearance rate of 75.3%. Last week, 1,073 auctions were held across the city with a final auction clearance rate of 73.1%. One year ago, 506 Melbourne homes were auctioned with a success rate of 51.2%.
Weekly Clearance Rate, Combined Capital Cities
Sydney saw 661 properties taken to auction, down 17% from the initial predicted count as the city remains in lockdown seeing many auctions rescheduled to a later date. Of the 567 results collected so far, 76.5% reportedly sold and 19% have been withdrawn. Of the 434 sold results, 70.7% sold prior to the scheduled auction date. Last week, 756 Sydney homes were auctioned with a final clearance rate of 70.5%. Both the withdrawal rate and proportion of auctions ‘sold prior’ were well above average across Sydney as vendors pivot their selling strategies amidst the extended lockdown.
Canberra was once again the best performing capital city auction market this week with a preliminary auction clearance rate of 90%. Brisbane was the busiest of the smaller capital cities with 162 auctions held and a preliminary clearance rate of 75.8%.
Sub-region auction statistics
CoreLogic Australia