The Easter long weekend is expected to see a very low number of homes taken to auction, with only 495 scheduled auctions this week across the combined capital cities. This is not unusual this time of year, as we’ve historically seen, Easter is one of the quietest weeks of the year. However, it’s likely more than half of these will return a withdrawn result, a trend we’ve seen over the last few weeks as new policies preventing on-site auctions has set in. There may be a small proportion of homes that continue as planned as agents refine their digital capabilities enabling remote auctions. However, it’s likely given the low volumes this week that activity will be very subdued.
More than 60% of all capital city auction activity is scheduled to take place in Sydney this week (316 auctions), while in Melbourne, just 72 auctions will be held.
107 auctions are scheduled to take place across the remaining capital cities, with 35 of those scheduled to take place in Adelaide, 30 in Brisbane, 34 in Canberra, while there are only 6 Perth auctions scheduled and 2 across Tasmania.
Summary of last week’s results
Last week, the combined capital city final clearance rate surpassed the week prior as the lowest final result since CoreLogic commenced auction reporting in 2008. There were 3,209 auctions scheduled to take place last week, however only 35.5% were successful. Of the successful results 83% sold prior to the scheduled auction date, while more than 50% of all auctions were withdrawn.
Melbourne’s final auction clearance rate fell to 32.3% last week, lower than the week prior when 37.6% of homes sold. Of the sold results, 87.4% sold prior to the scheduled auction date. The city had 1,316 homes scheduled to go under the hammer this week, of the results collected 61.1% returned a withdrawn result.
In Sydney, the final clearance rate came in at 40.4% across 1,469 auctions. Of the sold results, 82.2% reported as being sold prior to auction. While 48.5% of all results across Sydney reported as being withdrawn.
Across the smaller markets, less than half of the homes scheduled to take place last week sold at auction, with all cities reporting a high proportion of withdrawn results. Canberra returned the highest clearance rate of 40%, while also reporting the lowest rate of withdrawal at 41%.