This week's predicted auction volumes are set to smash the records set two weeks priors with Sydney, Melbourne, Canberra, Adelaide, Brisbane and the combined capitals all expected to record the busiest auction week since CoreLogic records commenced in 2008. Just two weeks after recording auction volumes in excess of 4,000 for the first time, predicted auction volumes have exceeded 5,000 with 5,039 capital city homes expected to go to auction this week. This week scheduled auctions are up 19.0% from the previous all-time high recorded over the week ending 28th November 2021 (4,153) and up 21.3% from the numbers recorded last week (4,141). This time last year 2,580 auctions were held.
Auctions this week
Melbourne is expected to host 2,304 auctions this week, marking the second time the city will host more than 2,000 auctions and overtaking the week ending 25th March 2018 (2,071) as its busiest on record. This week predicted volumes are up 20.5%, compared to last week (1,912), while this time last year 1,167 auctions were held across the city.
Across Sydney, 1,847 homes are scheduled for auction this week, up 26.0% from the 1,466 recorded the week prior. This week is predicted to overtake the week ending 30 November 2014 (1,631) as Sydney’s busiest on record and resumes the upward trend in auction volumes seen since early October, which was temporarily disrupted last week. This time last year 1,009 homes were taken to auction.
Across the smaller capitals, Adelaide, Brisbane and Canberra are all anticipated to record the busiest week on record, hosting 855 auctions between them. Across Adelaide and Canberra, 318 and 221 auctions are scheduled for this week, beating out the previous high recorded two weeks prior (303 and 187 respectively). Brisbane is set to host 316 auctions this week, overtaking the week ending 30 November 2014 (294) as its busiest on record. Perth is scheduled to host 27 auctions, while six homes are set to go to auction across Tasmania.
Summary of last week's results
The combined capitals recorded its second busiest auction week on record last week with 4,153 homes going under the hammer. Down 2.3% from the record-breaking numbers recorded the week before, last week marked only the second time auction volumes have exceeded 4,000. While auction volumes have remained high, the clearance rate has continued to slide, continuing the downward trend seen since early October, from 68.5% the previous week to 66.3% last week. This is the lowest clearance rate seen since late August (58.0%) when COVID restrictions were in effect across Sydney, Melbourne and Canberra. This time last year 69.9% of the 2,085 auctions held were successful.
Capital city auction statistics (Final)- w/e 5 December 2021
Despite Melbourne hosting the most auctions last week, with 1,912 homes going under the hammer, auction volumes were up by just two compared to the week prior when 1,910 auctions were held. While volumes remained flat, Melbourne’s clearance rate fell by one percentage point, with 65.3% of auctions recording a successful result compared to 66.3% the week prior. This is the lowest clearance rate Melbourne has recorded since the middle of September (58.5%) when COVID restrictions were in full effect. This time last year, 67.7% of the 899 auctions held were successful.
Weekly clearance rate, combined capital cities
Across Sydney 1,466 homes were taken to auction last week, recording a decrease in weekly auction volumes for the first time in eight weeks. Down 5.2% compared to the week prior (1,546), last week’s dip in volumes is likely a temporary disruption, rather than a reversal in the upwards trend in Sydney’s auction volumes seen since early October. The fall in volumes did not see a corresponding rise in Sydney’s clearance rate and instead saw last week overtake the week prior as Sydney's lowest clearance rate over the year-to-date, with 63.8% of auctions held recording a successful result. The week prior recorded a clearance rate of 67.2%, while this time last year, 74.1% of the 867 auctions held were successful.
Across the smaller capital cities, clearance rates continued to fall last week, while volumes remained high. Canberra recorded the highest clearance rate last week with 79.3% of the 179 auctions held recording a successful result (down from 84.0% the week prior). This was followed by Adelaide and Brisbane, with clearance rates of 76.3% (down from 79.6%) and 70.1% (down from 72.3%) respectively. Across Perth, 11 of the 25 homes taken to auctions were successfully sold, while just one of the five auctions held across Tasmania recorded a successful result.