The number of homes scheduled for auction continues to trend lower, with only 365 auctions to take place this week, lower than the 480 auctions last week.
While most states have lifted the ban on on-site auctions and inspections, it’s likely to take a few weeks before we see an uplift in scheduled volumes with vendors and agents generally relying on at least a four week marketing campaign leading up to the auction event.
There are 110 Melbourne homes scheduled for auction this week, down on the 163 held last week.
Sydney is expected to be the busiest auction market for another week, with 167 scheduled auctions this week, down on the 216 held last week.
Brisbane & Perth are the only capital city auction markets expected to see an increase in volumes over the week, with volumes lower across Adelaide and Canberra. Tasmania has no scheduled auctions this week.
Summary of last week’s results
The capital city final auction clearance rate came in at 59.9% last week, the highest final result we’ve seen since Mid-March. The improved clearance rate was across a lower volume of auctions with 480 held, down on the 612 held over the week prior when 47.5% cleared. Of the 395 results collected, 22% were withdrawn which was much lower than the 50% seen a few weeks ago, which is the main factor in the improvement of clearances rates. The number of ‘sold prior’ results was slightly lower this week, however still remain higher than we would usually see with 43.8% of properties selling prior to the scheduled date.
Melbourne’s final auction clearance rate came in at 56.5% across 163 auctions. Of the 138 results collected, 18% reported a withdrawn result, which was the lowest number of withdrawn auctions in weeks, while of the 78 sold results 46.2% sold prior to auction.
In Sydney, 66.3% of auctions reportedly sold last week, which was the highest clearance rate out of the capital city markets. There were 216 scheduled auctions with 166 results. Of the results collected, 21% were withdrawn and of the 110 sold results 43.6% sold prior.
Canberra returned the highest final clearance rate of the smaller auction markets, with 56.1% of homes selling. Adelaide followed closely with a final clearance rate of 51.9%.