Auction volumes are set to rise with 2,240 homes currently scheduled for auction across the combined capital cities this week, up 42.8 per cent on the previous week when volumes dropped due to a public holiday in four of the eight states and territories.
Melbourne is set to host 1,083 auctions this week, up from just 487 over the previous week, although lower than this time last year when 1,201 auctions were held across the city.
In Sydney, 836 homes are scheduled to go to auction this week, up from 789 last week and 767 this time last year.
Auctions this week
Across the smaller cities, volumes are set to be lower over the week in Perth, while Brisbane and Canberra are expected to see a higher number of homes taken to auction. Adelaide and Tasmania are not expecting to see a change in auction volumes week-on-week.
Summary of last weeks results
The combined capital cities recorded a final auction clearance rate of 80.0 per cent last week, the highest final clearance rate we have seen since the week ending 26 April 2015. The previous week saw a final clearance rate of 79.3 per cent, while this time last year, 68.6 per cent of reported auctions were successful. Auction volumes were lower last week with 1,569 homes taken to auction across the combined capitals, down from 2,473 over the previous week, while this time last year, 1,494 auctions were held.
Capital city auction statistics (Final) - w/e 7 March 2021
In Melbourne, 487 homes were taken to auction last week, returning a final auction clearance rate of 75.2 per cent, down from 76.4 per cent across 1,299 auctions over the previous week, although higher than one year ago when 66.1 per cent of reported auctions were successful.
Weekly clearance rate, combined capital cities
Sydney returned a final auction clearance rate of 82.9 per cent last week, down from 85.3 per cent over the previous week, although higher than this time last year (75.2 per cent). Looking at auction volumes, 789 homes were taken to auction across the city last week, compared to 844 over the previous week and 830 over the same week last year. This is the fifth consecutive week that Sydney’s final auction clearance rate has held above the 80 per cent mark.
Across the smaller cities, Canberra was the best performing of the smaller auction markets with 90.9 per cent of homes selling, followed by Adelaide (82.7 per cent) and Brisbane (73.3 per cent).