The combined capital city auction market is expected to see a slight increase in auction volumes this week, with CoreLogic currently tracking 692 scheduled auctions. Last week, a lower 612 auctions were scheduled across the capital cities.
While scheduled numbers are set to increase, with this week expected to be the busiest since mid-April, volumes remain substantially lower than what we would usually see. Over the same week one year ago, 1,661 capital city homes were taken to auction.
There are 195 Melbourne homes scheduled for auction this week, up on the 168 over the previous week.
Sydney is expected to be the busiest city for auctions for the 6th consecutive week, with 382 properties scheduled to go under the hammer, rising on the 309 held last week.
Adelaide, Brisbane and Perth are all expected to see a higher number of auctions held this week, while scheduled volumes are lower in Canberra. There are no auctions in Tasmania this week.
Summary of last week’s results
The final weighted average clearance rate came in at 62.7% last week, surpassing the previous week’s 60.4% as the highest result since the week ending 15 March. While clearance rates have bounced back to almost pre-restriction levels, volumes remain significantly lower than what we would usually see. There were 612 auctions scheduled last week, higher than the week prior when 417 auctions were held, however, much lower than the 2,055 held over the same week last year.
Of the 521 results collected, 11% reported as being withdrawn, which is much lower than the withdrawal rates we were seeing a month ago which were above the 50% mark and have slowly reduced each week since. There were 326 sold results collected this week, with 35.6% reportedly selling prior to the scheduled auction date.
There were 168 Melbourne homes scheduled for auction last week, returning a final auction clearance rate of 68%, the highest result the city has seen since early March. Of the results collected, only 9% were reported as being withdrawn, which is the lowest number of withdrawn auctions since mid-March. Of the 100 homes that did sell across Melbourne, 36% sold prior to the auction date.
Sydney had 309 scheduled auctions last week, returning a final auction clearance rate of 65% and a rate of withdrawal of 11%. Of the 171 sold results collected, 40.9% sold prior to the scheduled auction date.
Canberra was the best performing capital city auction market last week, with a final auction clearance rate of 69% and a withdrawal rate of 10%.