Auction volumes are expected to rise across the combined capital cities this week with CoreLogic currently tracking 2,495 auctions, up from last week’s 2,128 auctions held, although lower than the 3,026 auctions one year ago.

In Melbourne, there is expected to be a 20% increase in auction activity over the week with 1,313 homes currently scheduled to go under the hammer. Over the same week last year, a higher 1,612 homes were taken to auction across the city.

Auctions this week

Sydney is also set to host a higher volume of auctions week-on-week with 865 auctions scheduled to go under the hammer, up from 768 last week, although lower than this time last year (1,087).

Across the smaller auction markets, Perth is expecting fewer auctions week-on-week, while Adelaide, Brisbane, Canberra and Tasmania are set to see volumes rise over the week.

Summary of last week’s results

Last week, the combined capital city weighted average clearance rate strengthened across higher volumes.

There were 2,128 capital city homes taken to auction last week, returning a final auction clearance rate of 79.6%, improving on the week prior when a 77.1% final clearance rate was achieved across lower volumes (1,496). One year ago, a higher 2,517 homes were taken to auction over the same week with 72.7% selling.

Capital city auction statistics (Final)- w/e 21 February 2021

Melbourne’s final auction clearance rate improved as volumes increased over the week, with a total of 1,095 auctions held across the city returning a 77.4% final clearance rate. The week prior saw 635 auctions held across the city when 70.6% sold. Last year, 1,248 Melbourne homes were auctioned over the same week with a slightly lower success rate (76.1%).

Weekly clearance rate, combined capital cities

 

In Sydney, a final auction clearance rate of 83.4% was recorded across 768 auctions, down only slightly from the previous weeks 83.9% when a lower 625 auctions were held. One year ago, 963 auctions were held with 74.5% successful.

Across the smaller auction markets, Adelaide was the best performing in terms of clearance rate with 83.3% of the 73 homes taken to auction reporting a sold result. Followed closely by Canberra where 82 auctions took place and 81.7% sold.