There are 878 capital city homes set to go to auction over what will be the Easter weekend, which is higher than the week of Easter last year when 634 auctions took place. This week’s lower scheduled volumes comes off the back of the busiest week for auctions we have seen since March 2018 last week (3,840).
Given the pending long weekend, scheduled volumes are lower week-on-week across each of the individual cities.
Auctions this week
Sydney is to be the busiest auction market this week with 422 homes set for auction, down on 1,410 auctions last week and the 1,469 auctions held one year ago.
The most significant drop in volumes over the week are across Melbourne, down 89.2% over the week. There are only 208 homes set to go under the hammer this week, down on the 1,929 auctions held last week and the 1,316 last year.
Brisbane is set to be the busiest of the smaller auction markets this week, with 108 homes scheduled for auction. Following is Adelaide (83), Canberra (49) and Perth (8). There are no auctions scheduled in Tasmania this week.
Summary of last weeks results
Last week, over what was the busiest week for auctions CoreLogic have seen since March 2018, an all-time record clearance rate of 83.1% was achieved.
There were 3,840 capital city homes taken to auction over the week and 99.7% of results collected, 3,181 of which being sold results. The last time the combined capital city clearance rate was this high was over the week ending 26th April 2015 (82.3%) across a much lower number of auctions (604). Over the same week last year the COVID disruption had just hit with on-site auctions banned resulting in high withdrawal rates. There were 3,289 capital city homes scheduled for auction prior to the banning, and final results indicated that 50.2% of these were withdrawn while 37.3% sold.
Capital city auction statistics (Final)- w/e 28 March 2021
Both Melbourne and Sydney saw clearance rates strengthen across higher volumes last week.
In Melbourne, 1,929 homes were auctioned returning a final auction clearance rate of 81%. This was an improvement on the 78.8% clearance rate over the previous week when volumes were lower (1,322).
Weekly clearance rate, combined capital cities
Meanwhile, in Sydney a final auction clearance rate of 87.6% was recorded across 1,410 auctions last week. Higher than the 85% clearance rate over the week prior when volumes were lower (1,025).
Across the smaller cities, Canberra was the best performing with 90.1% of auctions successful last week. This was followed by Perth (87.9%), Brisbane (74.6%) and Adelaide (74%).