There are 1,144 homes scheduled for auction across the combined capital cities this week, a slight increase on the 1,046 auctions last week and lower than the 1,415 last year.
In Sydney, 679 auctions are scheduled across the city, up on the 668 last week and also higher than scheduled volumes from one year ago (503). The number of Sydney auctions has been trending higher over the past three months and auction volumes have been consistently above last year’s level since the last week of June.
There are 235 Melbourne homes scheduled for auction this week, an expected rise on last week’s volumes (191), which saw 33% of auctions withdrawn from the market. The low auction volumes aren’t surprising, considering stage four restrictions remain in place.
Across the smaller cities, scheduled volumes are set to be higher across all cities but Tasmania where no auctions are scheduled in for this week.
Summary of last week’s results
Last week the final combined capital city clearance rate remained steady at 58.4%, the third consecutive week around this level. The number of auctions held over the week however was lower with 1,046 capital city homes taken to auction, down on the 1,150 over the week prior. One year ago, 1,228 auctions were held returning a final success rate of 73%.
In Melbourne, 191 homes were scheduled for auction last week, lower than the 294 the previous week. The lower volumes saw the clearance rate dip with 53.7% of auctions returning a successful result, 10 percentage points lower than the week prior. Of the 190 results collected, 33% reported a withdrawn result, which was higher than the 23% withdrawn over the week prior. The high withdrawal rate is the main contributor to the lower clearance rate over the week. Of the 102 sold results collected, 55.9% reportedly sold prior to the scheduled auction date.
Sydney returned a final auction clearance rate of 61.9% across a higher volume of auctions last week (668). This was higher than the 58.8% clearance rate the week prior when 640 auctions took place. One year ago, a much higher 76.2% of auctions were successful, however volumes were lower (446).
Canberra was the best performing capital city last week, with 70.7% of homes selling at auction, the fifth consecutive week the city has recorded a final clearance rate above the 70% mark.