There are 3,101 capital city homes scheduled for auction this week, up on the 2,905 last week and the 711 auctions held one year ago.
This week is set to be the second busiest week of the year across the capital cities but much like last week the current figures are likely to revise down.
Due to the COVID outbreak in Melbourne and the recent announcement to extend the lockdown by an additional 7 days, we will likely see a large number of properties withdrawn or rescheduled to a later date as we saw last week.
Auctions this week
Last week, 1,451 homes were originally scheduled for auction across Melbourne, with the lockdown announcement we saw a large number rescheduled, withdrawn or brought forward. By final collection this week, 1,246 homes were reportedly taken to auction. This week, 1,452 auctions are currently scheduled across the city.
In Sydney, 1,227 homes are scheduled to go under the hammer this week, rising on the 1,174 last week and the 398 last year.
Each of the smaller capital cities are expected to see a lower or steady volume of auctions this week, with the exception of Tasmania where there is one additional auction over the week.
Summary of last week’s results
There were 2,905 capital city homes taken to auction last week. Of the 2,884 results collected, 73.5% were a sold result. Last week’s final clearance rate was the lowest recorded over the year to date, down over 2 percentage points on the previous week’s final figures when volumes were at a similar level (2,838).
Capital city auction statistics (Final)- w/e 30 May 2021
In Melbourne, final figures indicate that 1,246 properties went to auction over the week, despite the lockdown the final clearance rate came in at 71.7%. Of the 1,233 results collected 20% were reportedly withdrawn and of the 884 sold results, 45.6% sold prior to auction. Over the previous week, a higher final clearance rate of 74.9% was recorded across 1,291 auctions.
There were 1,174 Sydney homes auctioned last week, returning a final auction clearance rate of 76%, this was down on the 76.9% achieved over the previous week when volumes were lower (1,103). One year ago, 452 Sydney homes were auctioned returning a final auction clearance rate of 63.9%.
Canberra was the best performing of the capital city auction markets last week, returning a final auction clearance rate of 88.2%. Meanwhile, Perth returned the lowest final clearance rate of 29.7% last week.