There are 1,225 homes scheduled for auction across the combined capital cities this week, increasing on the 1,064 auctions last week, although lower than the 1,615 auctions held over the same week last year.
Auction activity remains low in locked down Melbourne, with only 171 homes scheduled for auction across the city this week, down on the 222 held last week to be the lowest number of scheduled auctions in fourteen weeks. One year ago, 768 homes were taken to auction over the same week.
While Sydney in contrast is expected to see volumes increase over the week and year-on-year. The city is set to host 779 auctions this week, an expected rise of 26.7% on last week and 32% higher than volumes from the same week one year ago.
Across the smaller markets, the number of auctions scheduled in Brisbane and Canberra is the highest in 21 weeks while Adelaide and Perth scheduled volumes are lower relative to last week. Tasmania has 1 auction scheduled this week.
Summary of last week’s results
The final weighed average clearance rate improved across steady volumes last week. There were 1,064 capital city homes taken to auction over the week, a very slight increase on the 1,046 auctions held the prior week. Of the 1,057 results collected, 60% were successful, up on the 58.4% success rate the previous week.
Both volumes and clearance rates across the combined markets have remained relatively steady over the past month. While Melbourne’s lockdown has resulted in fewer homes taken to market and less successful results, this has been somewhat offset by an increase in volumes and clearance rates across Sydney.
Melbourne’s final clearance rate dropped below 50% last week as the withdrawal rate increased. There were 222 homes taken to auction last week with 45% selling and an equal 45% withdrawn. The week prior returned a final clearance rate of 53.7% across 191 auctions and a withdrawal rate of 33%. The number of sold results reportedly sold prior to the scheduled auction date increased considerably over the week, with 73.7% of the 99 homes sold selling prior, up on the 55.9% over the week prior.
There were 615 Sydney homes taken to auction last week, returning a final auction clearance rate of 66.1%. Last week’s result was higher than the previous week’s 61.9% clearance rate across 668 auctions. While one year ago Sydney's clearance rate was a significantly higher 78.1%, however volumes were lower (503).
Across the smaller capital cities, Canberra was the best performing, recording a clearance rate above 80% for the third time over the past six weeks.