There are 2,106 capital city homes currently scheduled to go under the hammer this week, although we may see some downwards revision in the actual number of homes taken to auction amidst ongoing lockdowns and restrictions. Over the previous week, 1,822 auctions were held across the combined capital cities, while this time last year, 1,064 homes were taken to auction.
Auctions this week
Melbourne is set to host 1,179 auctions this week, up from both the previous week (884), and this time last year (222). If all of these auctions go ahead, it will be the busiest auction week for Melbourne since late June, although as the city remains in an extended lockdown, it’s likely we will see some of these auctions rescheduled to a later date.
At this stage there are currently 535 homes scheduled to go to auction in Sydney this week, compared to 551 last week and 615 this time last year.
Across the smaller capital cities, Brisbane is set to host the highest number of auctions over the week (137), followed by Adelaide (134) and Canberra (107). Perth is expecting to see 13 homes taken to auction, while there is just 1 auction on the radar in Tasmania.
Summary of last weeks results
The combined capital cities recorded a final auction clearance rate of 70.0 per cent last week, the lowest clearance rate we have seen so far this year. In comparison, the previous week recorded a clearance rate of 74.0 per cent, while this time last year, 58.4 per cent of auctions were successful. There were 1,822 homes taken to auction across the combined capitals last week, compared to a lower 1,606 over the previous week, and 1,046 this time last year.
Capital city auction statistics (Final)- w/e 15 August 2021
With Melbourne's lockdown extended, there were 884 auctions held across the city last week, down 21.8 per cent from the initial predicted count. Despite the downwards revision, the number of homes taken to auction was higher than both the previous week (662), and this time last year (191). Of the 873 results collected, 32.6 per cent were withdrawn, dragging the clearance rate down to 59.9 per cent, the lowest clearance rate the city has seen since October last year. Of the sold results, 51.2 per cent sold prior to auction. Over the previous week, 69.1 per cent of reported auctions were successful, while this time last year, a clearance rate of 53.7 per cent was recorded.
Weekly clearance rate, combined capital cities
There were 551 Sydney homes taken to auction last week, down -7.6 per cent from the number originally scheduled. In comparison, the previous week saw 564 homes taken to auction while this time last year, 668 auctions were held across the city. Sydney’s final clearance rate was back up above 80.0 per cent for the first time since May, with results showing 81.3 per cent of reported auctions were successful last week. Of the 544 results collected, a withdrawal rate of 9.9 per cent was recorded, while of the 442 sold results, 58.4 per cent were sold prior to the scheduled auction date. Over the previous week, 77.6 per cent of reported auctions were successful, while this time last year, a clearance rate of 61.9 per cent was recorded.
Across the smaller cities, Canberra was the best performing with a final auction clearance rate of 85.4 per cent, followed by Adelaide (82.7 per cent), Brisbane (70.1 per cent) and Perth (57.1 per cent).