There are 1,136 capital city homes scheduled to go under the hammer this week, an expected increase in volumes of 24% on last week as Sydney is set to have the busiest week for auctions since early April.

Auctions this week

The past few weeks has seen Melbourne record the lowest levels of auction activity over a non-seasonal period since CoreLogic commenced auction reporting. While volumes this week are to remain at these same subdued levels, scheduled volumes are higher over the week with 62 Melbourne homes set to go to auction, up from a mere 11 auctions last week.

Meanwhile across Sydney, the city is set to host the busiest week for auctions since April with 843 homes scheduled for auction, rising on the 677 held last week.

Across the smaller auction markets, Brisbane is expected to hold the most auctions this week (86), followed by Adelaide (71) and Canberra (63). While Perth has 11 auctions scheduled this week and there are currently no auctions scheduled in Tasmania.

Summary of last week’s results

Last week saw the final weighted auction clearance rate improved across a higher volume of auctions. There were 915 capital city homes taken to auction last week returning a final auction clearance rate of 67.6%, higher than the 63% across 816 auctions the week prior.  However this was lower than the 70.7% success rate achieved across 1,983 auctions one year ago.

Capital city auction statistics (Final) - w/e 20 September 2020

There were only 11 Melbourne homes taken to auction last week; as the city remains in a well-entrenched lockdown, of the 10 results collected 7 homes sold or 70%. Last week’s figures were an improvement on the 3 out of 12 homes sold at auction the week prior (25%). One year ago, a significantly higher 1,020 Melbourne homes were auctioned returning a final clearance rate of 75.6%.

Weekly clearance rate, combined capital cities

Sydney returned a final auction clearance rate of 67.5% last week as volumes rose across the city, with 677 homes taken to auction up from the 600 auctions the week prior when 65.9% cleared. Over the same week last year, a lower 646 auctions took place across Sydney, with a success rate of 72.7%.

Across the smaller cities, Canberra was the standout performer for another week with a final auction clearance rate of 87.8%, followed by Adelaide where 64.4% of auctions were successful. While both Brisbane and Perth saw just above half of the auctions held return a sold result.