Weekly auction volumes are set to rise across the combined capital cities, with a total of 1,851 homes scheduled to go under the hammer this week.  The scheduled number of auctions are not only expected to be higher than the 1,728 auctions last week, but the highest level reached since the week ending 19 April when 1,922 auctions were held.

Melbourne is set to host its busiest week for auctions since June, with 647 homes scheduled to go under the hammer. This is up 7% on last week’s volumes, although it’s almost half the volume of auctions seen over the same week last year (1,221).

Auctions this week

Volumes are expected to remain steady across Sydney this week, with 840 homes scheduled for auction, unchanged from last week’s final count. One year ago, a higher 940 Sydney homes were auctioned over the same week.

Across the smaller cities, scheduled volumes are higher over the week in Adelaide (104), Brisbane (118), Canberra (119) and Tasmania (5), while Perth (18) has fewer scheduled auctions over the week.

Given the latest COVID lock down announcement in South Australia, it is likely a number of homes scheduled for auction across Adelaide this week will be withdrawn or postponed.

Summary of last week’s results

Last week the combined capital city final auction clearance rate rose across lower volumes.

There were 1,728 capital city homes taken to auction last week returning a final auction clearance rate of 70.6%. This was an improvement on the 69% final clearance rate achieved over the week prior when a slightly higher 1,757 homes where auctioned.  Comparing figures to last year, clearances rates are at similar levels to that seen last year, however volumes were significantly higher with 2,590 homes taken to auction over the same week one year ago.

Capital city auction statistics (Final)- w/e 15 November 2020

Melbourne’s final auction clearance rate improved over the week with 69.7% of auctions successful, higher than the 68% recorded over the week prior. The improved clearance rate was across 604 auctions which was slightly lower than the week prior’s 611 auctions. One year ago, a much higher 1,242 auctions were held across the city with 74.3% clearing.

Both volumes and the clearance rate fell slightly across Sydney last week, with 840 homes taken to auction returning a final auction clearance rate of 71.3%. Lower than the 851 auctions held over the week prior when a higher 73.3% sold.  Over the same week last year, 947 Sydney homes were auctioned returning a success rate of 71.9%.

Weekly clearance rate, combined capital cities

Across the smaller cities, both Adelaide and Canberra saw over 80% of auctions successful, having improved over the week. Canberra was the better performer with a higher 86% clearance rate, while Adelaide saw 80.3% of auctions successful. Brisbane’s final clearance rate also improved over the week with 57% of homes selling at auction.  Perth’s final clearance rate was lower over the week at 30%.