The number of homes scheduled for auction is expected to remain relatively steady week on week across the combined capital cities, with 1,209 auctions being tracked by CoreLogic this week. Last week, 1,269 capital city properties were taken to auction, while one year ago a significantly lower 896 homes were auctioned over the same week.
In Melbourne, 503 properties are scheduled for auction this week, however it is likely that a high proportion of these will be withdrawn from the market as we noted in last week’s final results with the city in its second round of stage 3 restrictions amid rising COVID19 cases.
Activity across Sydney is set to remain somewhat steady over the week, with 553 homes to be auctioned, down only -2.3% on last week’s figures.
Across the smaller auction markets, scheduled volumes are expected to be lower across every city with the exception of Perth where volumes are unchanged over the week.
Summary of last week’s results
There were 1,269 homes scheduled for auction across the combined capital cities last week, increasing slightly on the 1,224 auctions held the week prior. The higher volumes saw the final clearance rate drop, with 56.2% of auctions returning a successful result, down on the 60.2% the previous week. The lower clearance rate over the week comes after Melbourne entered another 6 week lockdown period, inhibiting the physical attendance of auctions once again.
Melbourne returned a final clearance rate almost 10 percentage points lower over the week, with 51.2% of auctions clearing. There were 506 auctions scheduled across the city, with 475 results collected. 37% of results were reportedly withdrawn and of the 243 sold results, 51% sold prior to the scheduled auction date.
There were 566 Sydney homes scheduled for auction last week, returning a final auction clearance rate of 61.8%. This was a relatively steady week on week result for the city after the week prior saw 580 auctions held and a success rate of 61.5%. One year ago, a lower 316 Sydney auctions took place, however a higher rate of success was achieved (72.8%).
Adelaide came in with the highest final clearance rate across the smaller auction markets last week, after Canberra’s successive run of highest weekly clearance rate, which was maintained each week since February.