This week despite ongoing restrictions around on-site auctions and inspections amid COVID-19, the number of homes scheduled to go to auction is set to rise across the combined capital cities with 1,552 currently being tracked by CoreLogic. While this is up from last week when only 634 auctions were scheduled over the Easter period slowdown, it’s expected we may continue to see a significant proportion of these withdrawn from the market or converted to private treaty sale method as we’ve noted over the last few weeks.
Melbourne is expected to see the most significant rise in volumes this week, with 706 properties scheduled for auction, up from the 88 auctions last week.
In Sydney, 693 homes are set to go to auction this week, increasing on the 413 scheduled last week.
Outside of Sydney and Melbourne, Brisbane and Perth also have a higher number of auctions scheduled over the week, while there are fewer scheduled in Adelaide, Canberra and Tasmania.
Summary of last week’s results
Last week, over the Easter period slowdown a total of 634 homes were scheduled to go to auction across the combined capital cities. The lower volumes last week returned a final auction clearance rate of 30.6%; surpassing the week prior as the lowest on record for CoreLogic. Of the 174 properties reported as being sold across the capital cities, 61% sold prior to the scheduled auction date and of the 569 results collected more than half were withdrawn (56%).
There were only 88 Melbourne homes scheduled for auction last week, returning a final auction clearance rate of 20% and a withdrawal rate of 64.7%. Of the 17 homes that did sell across Melbourne, 52.9% sold prior to the auction date.
Sydney had the highest volume of auctions of all the capital city auction markets last week, with 413 homes scheduled for auction, returning a final auction clearance rate of 32.1% and a rate of withdrawal of 54.2%. Of the 117 sold results collected, 65% sold prior to auction.
Across the smaller cities, volumes were lower week on week across all markets. Canberra returned the highest final clearance rate of 43.9% and a withdrawal rate of 51.2%.