Auction volumes increased week-on-week with 2,245 homes taken to auction across the combined capital cities this week, up from 1,764 over the previous week and 1,128 this time last year. Of the 1,683 results collected so far, 55.4 per cent were successful making it the lowest preliminary clearance rate recorded across the combined capital cities since late April 2020. In comparison, the previous week’s final clearance rate came in at 64.3 per cent, while this time last year, 59.8 per cent of reported auctions were successful.
Capital City Auction Statistics (Preliminary)
There were 1,185 auctions held across Melbourne this week, down from the 1,284 originally scheduled with this number likely to revise lower again over the next few days as we finalise collection. Over the previous week, 876 homes were taken to auction, while there were 162 auctions held this time last year. Of the 819 results collected so far, 64.3 per cent were withdrawn, once again weighing heavily on the preliminary clearance rate which came in at just 34.7 per cent. In comparison, 48.0 per cent of auctions were withdrawn over the previous week and a final auction clearance rate of 49.1 per cent was recorded.
Weekly Clearance Rate, Combined Capital Cities
In Sydney, 598 properties were taken to auction this week, up from the previous week (514), although lower than this time last year (706). Of the 509 results collected so far, 82.7 per cent were successful, and of the 421 sold results, 57.2 per cent were sold prior to the scheduled auction date. Last week, Sydney’s preliminary auction clearance rate was slightly lower (81.7 per cent), revising down to 78.5 per cent at final figures.
Across the smaller auction markets, Adelaide was the best performing again this week with a preliminary auction clearance rate of 81.3 per cent. Brisbane recorded a preliminary auction clearance rate of 71.8 per cent, while Canberra, where lockdown restrictions are still in place, saw 63.2 per cent of reported auctions record a successful result. In Perth, 72.7 per cent of auctions were successful, although noting this was across just 11 results.