There were 4,756 homes taken to auction across the combined capital cities this week, the second busiest auction week since CoreLogic records began in 2008. This is the fourth consecutive week where more than 4,000 capital city homes have been taken to auction, something that has never been seen before. The previous week saw 4,981 homes taken to auction, while this time last year, 2,331 auctions were held. The higher volumes over recent months have seen the preliminary clearance rate continue to trend lower. Of the 3,838 results collected so far, 63.4 per cent were successful, down from the previous week when a preliminary clearance rate of 66.6 per cent was recorded, revising down to a final clearance rate of 64.0 per cent. This time last year 69.8 per cent of reported auctions were successful.

Capital City Auction Statistics (Preliminary)

Across Melbourne, 2,140 homes were taken to auction this week, the second busiest auction week on record, behind last week which saw 2,318 auctions held across the city. This time last year, auction volumes were significantly lower (1,182). Of the 1,778 results collected so far, 62.3 per cent were successful, down from last week’s preliminary clearance rate of 65.3 per cent which revised down to a final clearance rate of 63.3 per cent, while this time last year, 69.4 per cent of Melbourne auctions were successful.

Weekly clearance rate, combined capital cities

There were 1,631 Sydney homes taken to auction this week, and like Melbourne, this was the second busiest auction week on record (tied with w/e 30 November 2014). The previous week saw a record breaking 1,791 homes taken to auction, while this time last year saw substantially less auction activity across the city (764). Of the 1,315 results collected so far, 60.8 per cent were successful, in line with last week’s final clearance rate, which had revised down from a preliminary clearance rate of 63.6 per cent. This means that it is more than likely that Sydney’s final clearance rate will fall below 60.0 per cent for the first time this year when the remaining results are collected. This time last year, 72.0 per cent of reported results were successful.

Capital City Auction Statistics (Preliminary)

Across the smaller auction markets, Brisbane (351), Adelaide (345) and Canberra (254) all overtook last week as their busiest auction week since records commenced in 2008. Canberra recorded the highest preliminary clearance rate at 73.0 per cent, followed by Adelaide (71.1 per cent) and Brisbane (69.9 per cent). Perth recorded a preliminary clearance rate of 51.9 per cent, noting 27 of 32 auctions have been reported so far. In Tasmania, 2 of the 3 auction results have been collected so far, with both of them reported as withdrawn.

Including this week’s preliminary figures, there have been 116,684 capital city auctions held over the 2021 year to date, overtaking 2017 as the busiest auction year on record (109,268).

Sub-region auction statistics (preliminary)

Auction activity is set to slow sharply from next week, with only around 600 auctions scheduled across the capital cities, which is still remarkably higher than average for the lead into Christmas.  Activity doesn’t normally rebound until late January or early February, however we could see an earlier start to the season if the December momentum carries through to 2022.