The combined capital city preliminary auction clearance rate weakened slightly as volumes rose. There were 2,976 capital city homes taken to auction over the week, revising down from initial predicted volumes by 2% as the Sydney COVID outbreak grew resulting in four Sydney LGA’s going into lockdown. Of the 2,417 results collected so far, equating to a preliminary collection rate of 81.2%, 77.5% were a sold result. Last week, a lower 2,400 auctions were held across the combined capitals with a preliminary auction clearance rate of 77.8%, later revising down to a final auction clearance rate of 74.1%.

Capital City Auction Statistics (Preliminary)

Melbourne had its second busiest auction week of the year, with 1,414 homes taken to auction this week. The higher volumes returned a preliminary auction clearance rate of 75.9%, which is higher than last week’s preliminary figure of 71.5%, which by Wednesday’s final collection came in at 69% across a lower 788 auctions. 

Weekly Clearance Rate, Combined Capital Cities

In Sydney, 1,101 homes were taken to auction which was down -5% from the initial predicted count as the cities COVID clusters grew resulting in 52 auctions being rescheduled to a later date. Of the 920 results collected so far a preliminary auction clearance rate of 81.8% has been recorded and a withdrawal rate of 9%. This is only slightly higher than the 7% withdrawal rate recorded last week. Of the 753 homes that did sell, 45.4% reportedly sold prior to auction. Which is higher than the number of sold priors recorded last week at final figures (42.9%). 

Canberra was the best performing in terms of clearance rate last week with 87.8% of the 109 homes selling at auction. However it was Brisbane that was the busiest of the smaller auction markets with 177 homes taken to auction, recording a preliminary clearance rate of 57.2%.

Sub-region auction statistics