There were 1,082 capital city homes taken to auction this week, a slight increase on the 1,046 homes auctioned the week prior. According to preliminary results, 64.7% returned a successful result, this was a minor improvement on last week’s preliminary figure of 64.3% later revising down to 58.4% at final collection. The last few weeks have seen both the clearance rate and number of homes taken to auction relatively steady each week, with volumes remaining around the 1,100 level and final clearance rates around the mid- to-high 50% range.
The performance across the two largest capital cities has been quite diverse as Melbourne continues to navigate through lockdown restrictions resulting in lower levels of activity and higher withdrawal rates, while Sydney has seen volumes trending higher over the past few months and consistently higher year-on-year.
In Melbourne, preliminary results show that only half of the homes taken to auction this week were successful, down on last week’s preliminary figure of 63.6% (final 53.7%). The lower clearance rate was across a slightly higher number of auctions held with 223 homes taken to auction, up on the 191 over the week prior. Of the 183 results so far, 41% are reportedly withdrawn auctions, which is higher than last week’s final withdrawn rate (33%).
There were 632 Sydney homes taken to auction this week, returning a preliminary auction clearance rate of 71.9%. This was an improvement on last week preliminary figure of 67.8% which later revised down to 61.9% at final collection. Volumes were a higher 668 last week across the city however. One year ago, a lower 503 Sydney homes were taken to auction returning a higher success rate (78.1%).
Canberra continues to be the standout performer with 87.8% of auctions successful this week at preliminary collection. The city does only account for a small portion of overall auctions however.