This week, 400 capital city homes were scheduled for auction, with preliminary results returning a 64.0 per cent clearance rate. The previous week saw 480 homes scheduled for auction and a final clearance rate of 59.9 per cent. One year ago, there were 930 homes taken to auction and a 55.2 per cent clearance rate. It is important to interpret clearance rates with caution given auction volumes remain substantially lower than usual.
Sydney, one of Australia’s largest auction markets, returned a preliminary clearance rate above 70%, suggesting the relaxation in social distancing policies specific to housing are having an immediate and positive impact on home auctions, although the number of auctions remains well down on last year.
In Melbourne, 118 homes were scheduled to go under the hammer this week. So far 93 auctions have been reported, returning a preliminary success rate of 60.2 per cent. The previous week saw a final clearance rate of 56.5 per cent across 163 auctions.
There were 193 auctions scheduled in Sydney this week, returning a preliminary clearance rate of 73.4 per cent. In comparison, last week saw 216 homes taken to auction with a success rate of 66.3 per cent.
As mentioned over the previous week, with restrictions easing across many states and territories, we will likely see the number of homes taken to auction increase in the coming weeks.