Auctions this week

There are 870 capital city auctions being tracked by CoreLogic this week, similar to last week when 866 auctions were held. Over the same week last year, 1,639 homes were taken to auction across the combined capitals.

Melbourne remains in stage 4 lockdown and as such just 13 auctions are on the radar this week, down from 28 over the previous week and 826 this time last year. This is a record low for Melbourne’s auction market outside of the seasonally quiet early January period. 

There are 653 Sydney homes scheduled for auction this week, up from 608 last week, and higher than the 585 held one year ago.  The number of auctions held across Sydney has consistently tracked higher than a year ago since mid-June.

Across the smaller auction markets, Brisbane is set to hold the most auctions this week (83), while Adelaide and Canberra are expecting to host 54 auctions each.  There are 11 auctions scheduled for Perth this week, while Tasmania is set to see just 2 properties up for auction. 

Summary of last week’s results

There were 866 capital city homes scheduled for auction last week, down from 1,128 over the previous week and 1,533 this time last year. The final clearance rate came in at 60.5 per cent across the combined capital cities last week, increasing from 59.8 per cent over the previous week although lower than this time last year (72.3 per cent). 

In Melbourne, the final auction clearance rate was 32.1 per cent last week, down from 40.6 per cent over the previous week. Auction activity was extremely low with just 28 homes scheduled for auction across the city, down from 162 over the previous week. Results were collected for all 28 Melbourne auctions last week, with two thirds reported as withdrawn, skewing the clearance rate lower. Of the successful results, all but 2 were sold prior to auction. Over the same week last year, 765 homes were taken to auction across the city. 

Sydney saw 608 homes taken to auction last week, down from 706 over the previous week, although higher than this time last year (528). All results were collected last week, returning a final clearance rate of 62.3 per cent, down from 64.2 per cent over the previous week and 75.7 per cent this time last year.

Canberra was the best performing across the smaller cities, with a final clearance rate of 76.6 per cent across 77 auctions.