The number of homes scheduled for auction this week takes a dive, with only 314 properties scheduled for auction across the combined capital cities. The lower volumes this week can likely be attributed to Anzac day this weekend taking precedence on Saturday, a day that is usually the auction markets busiest day. There is also the expectation that as the week’s progress auctions scheduled pre-restrictions will be less evident and vendors serious about taking their property to auction in more challenging conditions will be significantly less.
There are only 89 Melbourne homes scheduled for auction this week, down significantly on the 1,016 last week.
In Sydney, 152 homes are set to go to auction, making it the busiest capital city for auctions this week, however this is down on the 735 scheduled last week.
The remaining smaller auction markets all have a lower number of scheduled volumes over the week.
It’s important to note, such low volumes become a much less relevant timely indicator of trends in the market, however we will continue to monitor. It’s not unusual for volumes to dip over national public holidays, however given additional challenges around on-site auction restrictions it will be interesting to see if volumes increase next week.
Summary of last week’s results
Last week, a total of 1,922 homes were scheduled to go to auction across the combined capital cities, returning a final auction clearance rate of 30.2%; once again surpassing the previous week as the lowest on record for CoreLogic. Of the 440 properties reported as being sold across the capital cities, 60.9% sold prior to the scheduled auction date and of the 1,444 results collected more than half were withdrawn (56%).
There were 1,016 Melbourne homes scheduled for auction last week, returning a final auction clearance rate of 27.9% and a withdrawal rate of 61%. Of the 185 homes that did sell across Melbourne, 66.5% sold prior to the auction date.
Sydney had 735 scheduled auctions last week, returning a final auction clearance rate of 33.8% and a rate of withdrawal of 52%. Of the 210 sold results collected, 58.6% sold prior to auction.
Across the smaller cities, Canberra for another week returned the highest final clearance rate out of all the capital city markets of 53.7% and the lowest withdrawal rate of 34%.