There are 472 capital city auctions being tracked by CoreLogic this week, increasing on the 417 auctions last week. While volumes are up over the week, auction activity remains significantly lower than what we would usually see, with 2,055 auctions held over the same week one year ago.
Sydney is expected to be the busiest auction market for another week, with 245 homes scheduled to go under the hammer this week, up on the 194 auctions last week.
There are 123 Melbourne homes scheduled for auction this week, down by only 4 auctions on last week’s final numbers.
Auction activity remains subdued across the smaller cities, with Brisbane & Perth the only capital cities set to see an increase in volumes, with activity across Canberra expected to remain steady over the week and quite a bit lower in Adelaide. Tasmania has 2 auctions scheduled this week.
Summary of last week’s results
The capital city final auction clearance rate came in at 60.4% last week, surpassing the previous week’s 59.9% as the highest final result we’ve seen since Mid-March. The improved clearance rate was across a lower volume of auctions with 417 held, down on the 480 held over the week prior. Of the 349 results collected, 15% were withdrawn which was much lower than the previous week’s 22% and the 50% seen a few weeks ago, which is a contributing factor in the improvement of clearances rates over the last few weeks. The number of properties selling prior to the scheduled auction date appears to have normalised last week, of the 209 sold results, 28.7% were sold prior to the scheduled auction date which was on par with what we would usually see. The previous week saw 43.8% of sold results recorded as ‘sold prior’ and a few weeks ago sold priors accounted for 50-60% of sold results.
Melbourne’s final auction clearance rate came in at 57.3% across 127 auctions last week. Of the 117 results collected, 18% reported a withdrawn result, which was unchanged from the week prior, while of the 67 sold results 31.3% sold prior to auction coming in lower than the 46.2% over the week prior.
In Sydney, 66.9% of auctions reportedly sold last week, improving on the previous week’s 66.3% final clearance rate. There were 194 scheduled auctions across Sydney with 148 results. Of the results collected, 12% were withdrawn down from the 21% the previous week, and of the 99 sold results 29.3% sold prior.
Canberra returned the highest final clearance rate of the smaller auction markets, with 65.8% of the 43 homes selling. Adelaide followed closely with a final clearance rate of 61.5% across 15 auctions.