There are 1,163 capital city auctions being tracked by CoreLogic this week, up from 1,084 auctions last week, although lower than the 1,955 held over the same week last year.
Auctions this week
The Melbourne auction market is set to see a significant rise in activity this week, after a very sedate few months during lockdown restrictions. This week is expected to be the busiest week for auctions since the week ending 23th Aug. There are 192 properties scheduled for auction across the city, up on the 59 homes auctioned last week. However, with on-site auctions not permitted until October 26th, volumes remain significantly lower than one year ago (915).
Once again, Sydney accounts for more than half of all auction activity this week. There are 726 homes scheduled for auction over the week, down on the 751 last week and virtually the same as volumes from over the same week last year (727).
Across the smaller auction markets, Adelaide and Brisbane both have 79 scheduled auctions this week, making them equal busiest of the smaller cities. Canberra will host 62 auctions this week, Perth 23 and Tasmania 2.
Summary of last week’s results
Last week, the final weighted average clearance rate improved across higher volumes. There were 1,084 capital city homes scheduled for auction last week, higher than the 648 over the previous week. Of the 1,075 reported results last week, 66.4% returned a successful result, increasing on the 64.4% final clearance rate achieved over the week prior.
Capital city auction statistics (Final)- w/e 11 October 2020
In Melbourne, 59 homes were scheduled for auction last week, returning a final auction clearance rate of 58.6%. The week prior saw a lower 55 auctions held across the city and higher final auction clearance rate (60.8%). Of the 58 results collected last week, 29% were withdrawn. Of the properties that did sell over the week a larger portion sold ‘at auction’ (58.1%), rather than the trend we’ve been seeing throughout lockdown where a larger proportion of properties were selling prior to the scheduled auction event.
Weekly clearance rate, combined capital cities
In Sydney, the final auction clearance rate rose across a higher volume of auctions last week. There were 751 homes taken to auction, returning a final auction clearance rate of 67.2%, higher than the 65.8% over the week prior when 430 auctions took place. One year ago, a lower 733 Sydney homes were auctioned with a higher final clearance rate (76.9%).
Across the smaller cities, Canberra was the best performing with 83% of auctions successful, while 69.1% of homes sold at auction across Adelaide. Both Perth and Brisbane saw less than half of the auctions held sold last week.