There are 1,179 capital city auctions being tracked by CoreLogic this week, increasing on the 711 auctions last week. While volumes are expected to be the highest we’ve seen since mid-April, auction activity remains lower than what we would usually see, with 1,505 auctions held over the same week one year ago.
There are 561 Sydney homes scheduled for auction this week, up on the 398 held last week according to final figures, and higher than the 534 held one year ago.
In Melbourne, 467 auctions are scheduled across the city this week, increasing on the 195 auctions last week, however lower than volumes from the same week last year (724).
Across the smaller markets, scheduled volumes are set to remain steady across Perth, while the remaining cities are all expected to see a rise in activity over the week.
Summary of last week’s results
There were 711 capital city homes scheduled for auction last week, returning a final auction clearance rate of 56.2%. Last week’s clearance rate was lower than the previous week’s 61.3% when volumes were higher (856). The rate of withdrawn auctions has normalized somewhat over the last few weeks with 12% of the 592 results this week reported as being withdrawn; significantly lower than the 50-60% a few weeks ago. Of the 332 sold results collected, 45.5% sold prior to the scheduled auction date.
In Melbourne, a final auction clearance rate of 60.1% was recorded across 195 auctions last week, lower than the 65.1% success rate across a higher 261 auctions the previous week. Only 5% of results last week were withdrawn properties and of the 98 sold results, 40.8% sold prior to auction.
Sydney’s final clearance rate fell below 60% last week, after four consecutive weeks around the mid 60% mark. There were 398 Sydney homes scheduled for auction last week, lower than the previous week’s 452 when a 63.9% success rate was recorded. There were 329 results collected last week, 15% of these were withdrawn results. Of the 187 sold results collected, more than half reportedly sold prior to the auction date.
Canberra was the best performing across the smaller cities, with 66.7% of auctions successful. While only 33.3% of Brisbane homes sold last week, making it the lowest final result across the capital city markets.