There were 1,426 homes taken to auction across the combined capital cities this week, revising down from the 1,636 auctions predicted earlier in the week. The downwards revision is largely seen in Melbourne which came out of lockdown just prior to the weekend, albeit with several restrictions still in place. The lower volumes this week were expected due to the majority of states and territories welcoming a long weekend, with the Queen’s Birthday public holiday this coming Monday.
The previous week saw 2,668 homes taken to auction, while this time last year 1,181 auctions were held across the combined capitals. Of the 1,169 results collected so far, 77.4 per cent were successful, compared to 73.5 per cent over the previous week which revised down to a final clearance rate of 70.6 per cent.
Capital City Auction Statistics (Preliminary)
With confirmation of the Melbourne lockdown coming to an end late last week, 365 auctions were held across the city, revising down from the 519 originally scheduled. Over the previous week, 1,081 auctions were held, while this time last year, 471 homes were taken to auction across Melbourne. Of the 307 results collected so far, 73.0 per cent were successful, increasing from the previous week when a preliminary clearance rate of 67.3 per cent was recorded, revising down to 64.0 per cent at final figures. The withdrawal rate dropped week-on-week across the city with 18.2 per cent of the 307 results reported as withdrawn, compared to 31.0 per cent over the previous week.
Weekly Clearance Rate, Combined Capital Cities
There were 749 homes taken to auction across Sydney this week, compared to 1,164 last week and 545 this time last year. There have been 634 auction results collected so far, returning a preliminary auction clearance rate of 78.5 per cent. Last week’s preliminary clearance rate was a higher 79.6 per cent, which revised down to 75.6 per cent at final figures. Sydney’s final auction clearance rate has held above 75.0 per cent all year, and this week is likely to be no different, although the trend has clearly softened since late March when the auction clearance rate peaked at 87.6 per cent.
Across the smaller capital cities, Adelaide recorded a preliminary auction clearance rate of 86.0 per cent, followed by Canberra where preliminary results show 82.5 per cent of auctions were successful. Brisbane recorded a preliminary auction clearance rate of 75.5 per cent, while in Perth, 70.0 per cent of reported auctions were successful.