There were 1,529 homes scheduled for auction across the combined capital cities this week, up from 1,304 over the previous week. Of the 1,191 results collected so far, 86.1 per cent have reported a successful result, higher than last week’s preliminary auction clearance rate of 83.8 per cent which revised down to 79.3 per cent at final figures. Over the same week last year, 1,596 homes were taken to auction and 73.3 per cent of reported results were successful. While the preliminary clearance rate came in strong, it’s important to note that as remaining auctions are collected, we will likely collect more withdrawn results, particularly in Melbourne where another lockdown is currently in place, which would lower the final clearance rate.
Capital City Auction Statistics (Preliminary)
Melbourne was host to 668 auctions this week, up from 615 over the previous week, while this time last year a higher 743 homes were taken to auction. Of the 467 results collected so far, 87.8 per cent were successful, up from last week’s preliminary clearance rate of 80.8 per cent, which revised down to 76.0 per cent at final figures. Preliminary results show that 47.6 per cent of the successful auctions in Melbourne were sold prior, while so far, just 8 per cent have been reported as withdrawn which we expect will increase over the coming days as the remaining results are collected now that the city is back in a stage 4 lockdown which was only announced on Friday 12th February.
Weekly Clearance Rate, Combined Capital Cities
In Sydney, 624 homes were taken to auction this week, compared to 447 over the previous week and 583 this time last year. The preliminary clearance rate came in at 87.5 per cent this week, down from the previous week’s preliminary clearance rate of 89.1 per cent, which revised down to 84.4 per cent at final figures. This time last year, 75.4 per cent of reported auctions were successful.
Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 91.2 per cent, followed by Adelaide (89.5 per cent).