The combined capital cities are expected to see auction activity ramp up over the week, with a total of 2,743 properties set to go under the hammer. This week is set to be the busiest week our capital cities have seen since the first week of April last year (3,209). Last week, 2,218 capital city homes were auctioned and this time last year, 2,599 auctions were held.
Auctions this week
There are over 1,000 homes set to be taken to auction across each of Australia’s two largest auction markets this week. Melbourne is expected to be the busier of the two with 1,289 homes set for auction, an increase of 17% on last week’s 1,102 auctions held. Sydney isn’t far behind with a total of 1,076 auctions scheduled to take place, up on last week’s 806 auctions.
The smaller markets are also expected to see a rise in activity over the week, with the exception of Adelaide where scheduled volumes are unchanged. Brisbane is set to be the busiest of the smaller cities with 151 auctions scheduled to take place. This is followed by Canberra (102), Adelaide (95), Perth (28) and Tasmania (2).
Summary of last weeks results
The final weighted auction clearance rate maintained its strength as volumes rose last week. There were 2,218 capital city homes taken to auction returning a clearance rate on par with the week prior at 80% when volumes were -29% lower (1,569). One year earlier, a similar 2,274 auctions took place with a final success rate of 65.3%.
Capital city auction statistics (Final)- w/e 14 March 2021
There were 1,102 Melbourne homes taken to auction last week, over double the volume of auctions held over the week prior (487). The higher volumes returned an improved final clearance rate with 77.6% of homes selling, up on the 75.2% recorded the previous week. One year ago, 1,201 auctions were held across the city with 65.6% sold.
Weekly clearance rate, combined capital cities
A final auction clearance rate of 84.3% was achieved in Sydney last week; the sixth consecutive week above 80%. Last week’s result was across 806 auctions which was slightly higher than the 789 auctions that took place the previous week when 82.9% sold. A lower 767 Sydney homes were auctioned one year ago, with a final success rate of 68.1%.
Canberra saw over 90% of homes successful at auction for the second consecutive week last week, making it the best performing across the smaller cities. Perth followed with 88.2% of auctions successful.