There are 1,680 capital city homes currently scheduled to go under the hammer this week, up from 1,672 over the previous week. This time last year, 1,082 auctions were held across the combined capital cities.
Auctions this week
There are 364 auctions currently scheduled in Melbourne this week, down from last week’s 431. Last week approximately 31.5% of Melbourne's auctions were rescheduled and 35.9% were withdrawn. Although lockdowns are still in place, restrictions around home inspections have eased which should see a further reduction in both postponed and withdrawn auctions over the coming weeks. This time last year, while in the midst of its second COVID wave, just 40 auctions were held across the city.
Sydney is set to host 859 auctions this week, continuing its upward trend that has been evident since august this year. There were 786 homes taken to auction over the previous week and 812 this time last year.
Across the smaller capital cities, Brisbane is set to host the highest number of auctions over the week (191), followed by Adelaide (169) and Canberra (85). Perth is expecting to see 10 homes taken to auction, while there are 2 auctions scheduled in Tasmania this week.
Summary of last week's results
Last week, a final clearance rate of 75.1% was recorded across the combined capital cities, beating out both the previous week’s clearance rate (73.7%) and the rate from this time last year (67.6%). Of the 1,894 auctions originally schedule last week, 1,672 homes proceeded to auction, with the remaining 11.7% being rescheduled. Over the previous week, 1,453 auctions were held, while this time last year, only 915 homes were taken to auction.
Capital city auction statistics (Final)- w/e 19 September 2021
431 auctions were held across Melbourne last week, 31.5% below the initial predicted count. Of the 429 results collected, 58.5% were successful, up from the previous weeks clearance rate of 55.0%. Melbourne’s clearance rate has been steadily improving over the past three weeks as the withdrawal rate trends lowers (35.9% last week, down from 42.1% the week prior) and the reschedule rate rises (up 31.5% last week compared to 30.3% the previous week). This time last year, just 11 auctions were held in Melbourne, with a clearance rate of 70.0%.
Weekly clearance rate, combined capital cities
There were 786 homes taken to auction in Sydney last week, compared to 661 over the previous week and 677 this time last year. For the fourth consecutive week Sydney recorded a clearance rate above 80.0% with a final clearance rate of 80.5%. The previous week saw 82.8 % of reported auctions return a successful result, while this time last year only 67.5% of recorded auctions were successful.
Across the smaller cities, Adelaide recorded a final auction clearance rate of 85.1% last week, followed by Canberra (80.0%), Brisbane (79.1%), and Perth (77.8%). With Canberra still in lockdown, 17.8% of auctions were reported as withdrawn across the city last week, down from 19.0% the week prior. With restrictions easing this past week to allow one on one inspections, the Canberra auction market is expected to continue to trend towards normal.