Auction activity is expected to remain relatively steady week-on-week across the combined capital cities, with only 26 fewer homes set for auction over the week. There are 2,879 auctions scheduled to take place this week, while last week 2,905 auctions were held.

Auctions this week

Melbourne accounts for 44% of overall auction activity this week, with 1,263 homes set to go under the hammer, down 6% on last week’s 1,345 auctions held.

There are 1,170 Sydney homes set to go to auction this week, up from 1,150 auctions last week, equating to 40% of all activity this week.

Across the smaller cities, scheduled volumes are higher across Adelaide (158), Canberra (114), and Perth (25), while steady in Tasmania (3) and lower in Brisbane (146). 

Summary of last week’s results

Last week there were 2,905 homes taken to auction, making it the third busiest week of the year by only 3 auctions, surpassing the week ending the 2/05/21 (2,902). However, this was lower than the 3,016 auctions held the previous week, which was the second busiest week of the year. The lower week-on-week volumes returned a final auction clearance rate of 77%, down slightly on the second busiest auction week when 77.2% of auctions cleared.

Capital city auction statistics (Final)- w/e 16 May 2021

There were 1,345 Melbourne homes taken to auction last week, returning a final auction clearance rate of 75.4%. The previous week saw a higher 1,411 auctions take place with a lower clearance rate of 74.1%. One year ago, through a period of COVID restrictions, only 127 auctions took place over the week, with 57.3% of homes selling.

Sydney returned a final auction clearance rate of 78.9% last week across a relatively steady week-on-week volume of auctions. There were 1,150 auctions held, up slightly from the 1,146 the week prior when 81.4% returned a successful result. One year ago, 194 auctions took place with a final success rate of 66.9%.

Across the smaller auction markets, Canberra returned the highest final clearance rate of 88.1% last week, followed by Adelaide (77.7%), Brisbane (72.9%), and Perth (65.2%). However, Brisbane was the busiest auction market with 167 auctions held.