Auctions this week
Auction activity is set to be lower across the combined capital cities this week as scheduled volumes plummet across Melbourne.
There are 937 capital city auctions being tracked by CoreLogic this week, down from 1,128 auctions last week and the 1,533 held over the same week last year.
In Melbourne, only 30 properties are expected to be auctioned this week as the city enters its fifth week in stage 4 lockdowns. Last week, 162 homes were taken to auction and one year ago 765 auctions were held across the city. This week is set to be the lowest number of auctions held over a week in Melbourne, outside of the early January period or Easter.
There are 676 Sydney homes scheduled for auction this week, down from 706 last week, and higher than the 528 held one year ago. Although there are fewer auctions scheduled relative to last week, the number of auctions held across Sydney has been consistently trending higher since mid-May.
Across the smaller auction markets, Canberra is set to hold the most auctions this week (80), followed by Brisbane (65), Adelaide (64) and Perth (18). While Tasmania has 4 auctions scheduled.
Summary of last week’s results
Last week, the final weighted average clearance rate remained relatively steady across a slightly higher volume of auctions.
There were 1,128 capital city homes scheduled for auction last week, higher than the 1,064 over the previous week. Of the 1,122 reported results last week, 59.8% returned a successful result, down only slightly on the 60% final clearance rate achieved over the week prior.
In Melbourne, 162 homes were scheduled for auction last week, however final results showed a higher number of these were withdrawn than sold. The final auction clearance rate came in at 40.6%, while the withdrawal rate hit 52%. Of the 65 properties that did sell, 55 sold prior to auction equating to 84.6% of sold results.
In Sydney, the final auction clearance rate fell across a higher volume of auctions last week. There were 706 homes taken to auction returning a final auction clearance rate of 64.2%, lower than the 66.1% over the week prior when 615 auctions took place. One year ago, a lower 590 Sydney homes were auctioned with a higher final clearance rate (74.5%).
Across the smaller cities, Adelaide and Canberra returned final auction clearance rates above 70% last week. Canberra was the best performing with 77.9% of auctions successful, while 71.2% of homes sold at auction across Adelaide.