The first week of winter is set to see 618 capital city homes taken to auction, down on the 856 auctions scheduled last week. Due to the Queen’s birthday public holiday this Monday, all states and territories except Qld and WA are welcoming a long weekend, which usually contributes to lower activity over this weekend each year.
There are 143 Melbourne homes scheduled for auction this week, down on the 261 held last week and lower than the 215 one year ago.
Sydney is expected to be the busiest auction market for the seventh consecutive week, with 377 scheduled auctions this week, down on the 452 held last week and higher than the 313 held last year.
Across the smaller cities, scheduled volumes are set to be lower across all cities except Canberra where activity is expected to remain steady.
Summary of last week’s results
The capital city final auction clearance rate came in at 61.3% last week, slightly lower than the week prior when 62.7% of properties sold at auction. The lower clearance rate was across a higher volume of auctions with 856 held, up on the 612 held over the week prior. Of the 738 results collected, 12% were withdrawn which was much lower than the 50% seen a few weeks ago. 37.2% of sold results this week reportedly sold prior to the scheduled auction date, well below the results from early April when more than 80% of successful auctions were sold before the event.
Melbourne’s final auction clearance rate came in at 65.1% across 261 auctions. Last week’s clearance rate was lower than the 68% clearance rate over the week prior when a lower 168 auctions were held. Of the 229 results collected, only 8% reported a withdrawn result, while of the 149 sold results 29.5% sold prior to auction.
In Sydney, 63.9% of auctions reportedly sold last week, which was lower than the previous week when a 65% success rate was recorded across 309 scheduled auctions. There were 452 scheduled auctions last week with 380 results. Of the results collected, 13% were withdrawn and of the 243 sold results 42.4% sold prior.
Canberra returned the highest final clearance rate of the smaller auction markets last week, with 71.4% of homes selling.