Auction volumes are set to rise this week after last week saw volumes dip, as most states welcomed a long weekend.
Auctions this week
There are 1,167 capital city auctions being tracked by CoreLogic, up from 648 auctions last week. However, this is lower than this time last year, when 2,022 homes were taken to auction.
In Melbourne, auction volumes remain low with 59 scheduled across the city this week, a very slight increase from last week (55). Current volumes are only 6% of the activity seen over the same week last year, with 974 Melbourne auctions held, demonstrating the impact the current lockdown has on activity.
Sydney is set to overtake figures from two weeks ago as the busiest week since April, with 820 homes scheduled for auction, making up 70% of all auction activity this week. Last week, 430 properties were auctioned across the city, and one year ago 733 auctions were held.
Across the smaller auction markets, Brisbane is set to be the second busiest auction market this week, with 106 auctions scheduled, and Canberra follows closely with 99. In Adelaide, 69 properties are set for auction this week and Perth is to host 13 auctions. Tasmania has only 1 auction scheduled this week.
Summary of last week's results
There were 648 capital city homes scheduled for auction last week, lower than the 1,082 over the previous week, and the 1,324 one year ago. Of the 639 reported results last week, 64.4% returned a successful result, which was a slight improvement from the week prior when a 64.2% final clearance rate was recorded.
Capital city auction statistics (Final) - w/e 4th October 2020
In Melbourne, 55 homes were scheduled for auction last week, 60.8% of these returned a successful result. Of the 51 results collected, 33% were withdrawn results. Of the 31 properties that sold across the city last week, 58% reportedly sold prior to the scheduled auction date.
Weekly clearance rate, combined capital cities
In Sydney, the final auction clearance rate rose across lower volumes last week. There were 430 homes taken to auction, returning a final auction clearance rate of 65.8%, higher than the 65.4% over the week prior when 812 auctions took place. One year ago, a lower 317 Sydney homes were auctioned with a higher final clearance rate (74.7%).
Across the smaller cities, Canberra was the best performing capital city again last week, with over 80% of auctions successful. Perth came in with the second highest clearance rate of 68.4%, however volumes remain low across the city.