There are 424 capital city homes scheduled for auction this week, down on the 612 homes auctioned last week. The last few weeks have seen fewer scheduled auctions due to a combination of low sentiment, tough selling conditions and policies preventing open homes and on-site auctions.
However with news that the NSW and WA state governments are lifting the ban on on-site auctions and inspections, with other states likely to follow suit, auction volumes could potentially see an uplift sooner than expected. A lift in auctions isn’t likely to happen straight away, with vendors and agents generally relying on at least a four week marketing campaign leading up to the auction event.
There are 152 Melbourne homes scheduled for auction this week, down on the 217 held last week.
Sydney is expected to be the busiest auction market for the third week in a row, with 191 scheduled auctions this week, however this is down on the 283 held last week.
Canberra is the only capital city auction market expected to see an increase in volumes over the week, with 40 homes currently scheduled for auction.
Summary of last week’s results
There were 612 capital city homes taken to auction last week, returning a final auction clearance rate of 47.5%. This was an improvement on the week prior when 41.1% of the 413 auctions returned a successful result. Last week saw withdrawal rates much lower that what we’ve seen over the past month as the flow of auctions scheduled ‘pre- restrictions’ tapers. Of the 531 results collected, 26% were withdrawn compared with the 50% seen two weeks ago. The number of ‘sold prior’ results remains higher than usual with 52% of properties selling prior to the scheduled auction date.
Melbourne’s final auction clearance rate came in above 40% for the first time in six weeks. There were 217 auctions scheduled with 41.9% selling. Of the 186 results, 33% reported a withdrawn result, while of the 91 sold results 42.3% sold prior to auction.
In Sydney, 53.9% of auctions reportedly sold last week. There were 283 scheduled auctions with 245 results. Of the results collected, 24% were withdrawn and of the sold results 59.8% sold prior.
Across the smaller markets, Canberra remains the most resilient auction market through these challenging times, returning the strongest final clearance rate across the capitals of 57.7% and also one of the lowest rates of withdrawn auctions (15%).