There were 1,918 homes taken to auction across the combined capital cities this week, up from 1,606 over the previous week, although lower than the 2,139 originally expected due to a larger number of auctions postponed to a later date. Over the same week last year, 1,046 auctions were held across the combined capitals. Of the 1,523 results collected so far, 72.3 per cent were successful, down from the previous week’s preliminary clearance rate of 76.4 per cent, which revised down to 74.0 per cent at final figures. This time last year, 58.4 per cent of reported auctions were successful.
Capital City Auction Statistics (Preliminary)
With Melbourne's lockdown extended, there were 954 auctions held across the city this week, revising down from the 1,131 originally scheduled. Despite almost 16 per cent of Melbourne auctions being postponed to another date, we still saw a substantial rise in auctions held compared with the previous week when 662 homes were taken to auction. This time last year, just 191 auctions were held. Of the 727 results collected so far, 63.0 per cent were successful, with a large number of withdrawn auctions (31.6 per cent) dragging the preliminary clearance rate lower. Of the 458 sold results collected so far, 52.6 per cent were sold prior to auction (highest ‘sold prior’ rate since the first week of June). The previous week recorded a significantly higher preliminary auction clearance rate of 73.5 per cent, revising down to 69.1 per cent by final collection on Wednesday. Melbourne’s final clearance rate hasn’t dipped below 60.0 per cent since October last year so it will be interesting to see how this week holds up as final results are collected.
Weekly Clearance Rate, Combined Capital Cities
Sydney saw 562 properties taken to auction, similar to the previous week (564), although lower than this time last year (668). Of the 496 results collected so far, 82.9 per cent were successful, while 11.1 per cent were withdrawn and 5.7 per cent were postponed to a later date. Of the 411 sold results, 61.6 per cent were sold prior to the scheduled auction date. Last week, Sydney’s preliminary auction clearance rate was a lower 80.4 per cent, revising down to 77.6 per cent at final figures.
Adelaide was the best performing capital city auction market this week with a preliminary auction clearance rate of 84.8 per cent. Canberra, which has typically recorded the highest clearance rates this year, recorded a preliminary clearance rate of 81.9 per cent, with 45.8 per cent of successful auctions selling prior to the event as vendors chose to accept offers during the lockdown. In Brisbane, 74.6 per cent of reported auctions were successful. Perth recorded a preliminary clearance rate of 70.0 per cent, although noting volumes were low.