There were 2,731 homes taken to auction across the combined capital cities this week, the busiest auction week since the first week of April last year when 3,209 capital city homes were taken to auction. In comparison, last week saw 2,218 auctions held across the combined capitals, while at the same time last year, 2,599 homes were taken to auction.
Capital City Auction Statistics (Preliminary)
Despite the higher volumes, the preliminary clearance rate held relatively firm, with 82.0 per cent of auctions recording a successful result, down only slightly from last week’s preliminary clearance rate of 83.2 per cent, which revised down to 80.0 per cent at final figures. Over the same week last year (which was showing early negative impact from the onset of COVID-19), a final clearance rate of 56.9 per cent was recorded across the combined capitals.
Weekly Clearance Rate, Combined Capital Cities
Melbourne saw 1,319 auctions held over the week, and of the 1,159 results reported so far, 78.9 per cent have been successful. Last week saw 1,102 homes taken to auction across the city, returning a final clearance rate of 77.6 per cent, while this time last year, 1,343 auctions were held and 58.4 per cent of reported auctions were successful.
Sydney was host to 1,048 auctions this week, increasing from 806 over the previous week, and 946 this time last year. Despite the severe weather, the preliminary clearance rate came in at 87.5 per cent this week, similar to the previous week’s preliminary clearance rate of 87.4 per cent, which revised down to 84.3 per cent at final figures. This time last year, 58.8 per cent of reported auctions were successful. Sydney’s final auction clearance rate has held above 80 per cent for the past 6 weeks and this week is likely to be no different once final results are collected.
Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate at 85.1 per cent, followed by Adelaide at 77.5 per cent.
Auction volumes are set to increase substantially next week, with CoreLogic currently tracking over 3,800 auctions across the combined capital cities. This will make it the busiest week for auctions since the week ending 25th March 2018 when 3,990 homes were scheduled for auction.