There are 1,161 capital city auctions being tracked by CoreLogic this week, down from 1,224 auctions last week, but higher than this time last year when 847 homes were taken to auction.
In Melbourne, 448 auctions are scheduled across the city this week, similar to last week when 456 auctions were held, although higher than volumes from the same week last year (348). It will be interesting to see how many of these auctions are withdrawn given the announcement earlier in the week that Melbourne would enter a 6 week lockdown at midnight on 8 July. At the height of the previous lockdown period, more than half of auctions scheduled were withdrawn prior to the event.
There are 538 Sydney homes scheduled for auction this week, down from 580 last week, and higher than the 316 held one year ago.
Across the smaller markets, Brisbane is expecting the highest volume of auctions (72), followed by Canberra (48) and Adelaide (44). Perth is set to host 10 auctions this week, while Tasmania has 1 auction on the radar.
Summary of last week’s results
There were 1,224 capital city homes scheduled for auction last week, down from 1,485 over the previous week, although higher than this time last year when 953 auctions were held. Of the 1,099 reported results last week, 60.2 per cent returned a successful result, down slightly from the previous week when a final clearance rate of 60.6 per cent was recorded, and lower than this time last year (64.0 per cent).
In Melbourne, the final auction clearance rate was 60.6 per cent last week, down from 61.0 per cent over the previous week and lower than one year ago (67.2 per cent). Looking at volumes, 456 homes were taken to auction last week, down from 645 over the previous week, although higher than this time last year when just 388 auctions were held across the city.
Sydney saw 580 homes taken to auction last week, down from 644 over the previous week, although higher than this time last year (359). Of the 514 results collected last week, 61.5 per cent were successful, down from 62.9 per cent over the previous week and 71.3 per cent this time last year.
Canberra was the best performing across the smaller cities, with 81.3 per cent of reported auctions returning a successful result.