Auction volumes are set to rise with 2,885 capital city homes to go under the hammer this week, an increase of 38% on last week’s number of auctions held (2,087). One year ago, a lower 612 homes were auctioned as restrictions inhibiting on-site auctions and inspections saw activity plummet over this period.
Auctions this week
Melbourne is set to be the busiest auction market this week, accounting for 43.2% of all activity; however Sydney isn’t far behind making up 40.2% of total volumes this week. There are 1,246 Melbourne homes scheduled for auction over the week, up on the 957 held last week and the 217 held one year ago.
In Sydney, 1,161 properties are set to be auctioned across the city this week, increasing by 46.2% on last week’s volumes (794) and higher than the 283 held one year ago.
Scheduled volumes are expected to be higher across all of the smaller capital cites except Tasmania. Adelaide is set to be the busiest with 203 homes scheduled for auction, followed by Brisbane (131), Canberra (120), Perth (23) and Tasmania (1).
Summary of last week’s results
Last week, the combined capital city final auction clearance rate weakened as fewer homes were taken to auction.
There were 2,087 capital city auctions held, recording a final auction clearance rate of 77.2%, down on the 78.6% recorded over the previous week, when a higher 2,467 auctions took place.
Looking at results by property type, the final clearance rate for houses dropped below 80% for the first time this year, coming in at 79.1%. Units recorded a final clearance rate of 70.3%, which was a slight improvement on the 69.9% the week prior.
Capital city auction statistics (Final)- w/e 25 April 2021
In Melbourne, 957 auctions took place last week, returning a final auction clearance rate of 75.5%, down on the 77.3% the week prior when 1,221 auctions took place.
It was a similar story in Sydney last week, with the final clearance rate dropping across lower volumes. There were 794 auctions held across the city, returning a final auction clearance rate of 79.3%. Over the week prior, 919 auctions took place with 81.5% sold.
While the largest capital cities saw a drop in clearance rates, the smaller capital cities saw an improvement in clearance rates over the week. Canberra not only was the best performing of the smaller cities, it also recorded its highest clearance rate of the year at 96.3%, albeit across a lower volume of auctions over the week.