The combined capital cities returned a preliminary auction clearance rate above 70% this week, which was the highest preliminary result we’ve seen since early March, right before restrictions to onsite auctions and inspections were announced. The improved clearance rate was across a higher volume of auctions over the week, with 613 scheduled auctions. While volumes were higher week-on-week, they remain significantly lower than what we would usually see, with 2,055 homes taken to auction over the same week last year.
While volumes remain subdued across all capital cities, Sydney has been the busiest auction market over 7 of the last 8 weeks. There were 319 Sydney homes scheduled for auction this week, returning a preliminary clearance rate of 77.9%, improving on the week prior’s 66.9% when volumes were a lower 194.
In Melbourne, 160 auctions were scheduled across the city this week, returning a preliminary auction clearance rate of 72%, higher than the 57.3% last week when 127 auctions were scheduled.
One year ago, clearance rates were lower across both of the largest capital cities, coming in around the early 60% mark. However volumes were significantly higher across both cities.
Across the smaller capital cities, Canberra returned the highest preliminary result with a 73.2% success rate across 61 auctions. While Adelaide and Brisbane returned clearance rates below 50%.
Given it’s been a few weeks since the ban for onsite auctions and inspections were lifted, agents and vendors have had the chance to start implementing marketing campaigns, and we are likely to see volumes gradually increase each week.