Auction volumes continue to rise with 1,807 auctions scheduled to take place across the combined capital cities this week, increasing by around 27 per cent from last week when 1,427 auctions were held. This time last year, a lower 1,555 homes were taken to auction across the combined capitals.
Auctions this week
Melbourne is expected to see auction volumes rise by around 27 per cent this week with 622 homes scheduled for auction across the city, up from 490 over the previous week. The week prior to the Melbourne Cup traditionally sees auction volumes dip across the city which is why this time last year, auction volumes were significantly lower with just 255 homes taken to auction. Although the Melbourne cup is still set to go ahead next week, it doesn’t appear to impact auction volumes to the extent that we would usually see which is likely due to the fact that restrictions have only just started to ease. On-site auctions (with some restrictions) recommenced in Melbourne last week, so it will be interesting to keep an eye on auction volumes over the coming weeks.
There are currently 899 homes set for auction in Sydney this week, increasing from both last week (700) and this time last year (843).
Across the smaller auction markets, Adelaide and Brisbane are expected to hold the most auctions this week (92), followed by Canberra (85). Perth is currently expecting to see 16 homes taken to auction this week, while there is only 1 auction on the radar in Tasmania.
Summary of last week’s results
There were 1,427 auctions held across the combined capital cities last week, up from 1,131 over the previous week although significantly lower than the same week last year (2,622). All but one result was collected last week, with final figures showing a clearance rate of 66.9 per cent across the combined capitals, up from 66.2 per cent over the previous week, although lower than this time last year (72.2 per cent).
Capital city auction statistics (Final)- w/e 25 October 2020
Last week saw auction activity ramp up across Melbourne with 490 homes taken to auction across the city, up from 187 over the previous week, although substantially lower than the same week last year (1,528). The higher volumes returned a final clearance rate of 63.5 per cent last week, up from 60.2 per cent over the previous week, although lower than the same week one year ago (75.1 per cent).
There were 700 Sydney homes auctioned last week, similar to the previous week when 704 auctions were held, although slightly lower than this time last year (771). Last week saw Sydney’s final clearance rate come in at 70.4 per cent, the highest clearance rate the city has seen since the week ending 8th March (75.2 per cent). Over the previous week, the clearance rate was slightly lower (69.1 per cent), while this time one year ago, Sydney recorded a clearance rate of 74.3 per cent.
Weekly clearance rate, combined capital cities
Across the smaller cities, Canberra was the best performer in terms of clearance rates, recording a final clearance rate of 76.6 per cent, followed by Adelaide (66.7 per cent).