Auction volumes are expected to rise across the combined capital cities this week with CoreLogic currently tracking 2,496 auctions, up from last week’s 2,199 and last year’s 1,922 auctions held.
Auctions this week
In Melbourne, 1,209 homes are currently scheduled to go under the hammer this week, up from the 1,059 held last week. One year ago, 1,016 auctions were held across the city.
Sydney is also set to host a higher volume of auctions week-on-week with 946 auctions scheduled to go under the hammer, up from 821 last week and the 735 held one year ago.
Across the smaller auction markets, Adelaide, Brisbane and Tasmania are expecting fewer auctions week-on-week, while Canberra and Perth are set to see volumes rise over the week.
Summary of last weeks results
Last week, the combined capital city weighted average clearance rate weakened across higher volumes. There were 2,199 capital city homes taken to auction returning a final auction clearance rate of 76.8%, down on the week prior when a 77.1% final clearance rate was achieved across lower volumes (845). One year ago, 634 homes were taken to auction over the same week with only 30.6% selling. A large number of auctions were withdrawn due to restrictions banning on-site auctions over this period.
Capital city auction statistics (Final)- w/e 11 April 2021
There were 1,059 Melbourne homes taken to auction last week returning a final auction clearance rate of 72.5%. This was down on the previous week when 73.5% of homes sold at auction, however auction volumes were substantially lower over the Easter period (211).
A similar story in Sydney last week with the final clearance rate falling across higher volumes. There were 821 auctions held across the city, returning a final auction clearance rate of 81.4%. Comparatively, over the Easter week a lower 404 auctions were held and a success rate of 82% was achieved.
Across the smaller markets and overall, Canberra continues to be the standout performer of our auction markets, with over 90% of homes selling at auction for the third consecutive week and five out of the past eight weeks over this mark. The next of the smaller cities with the highest clearance was Brisbane (78.7%), Adelaide (77.9) and then Perth where only 44.4% of auctions were successful.