The combined capital cities are expected to see auction activity ramp up over the week, with a total of 2,593 properties set to go under the hammer. This week’s scheduled volumes are 24% higher than last week’s final figures which saw 2,085 auctions held. This time last year, a higher 2,804 homes were taken to auction across the combined capitals.
There are over 1,000 homes set to be taken to auction across each of Australia’s two largest auction markets this week. Melbourne is expected to be the busier of the two with 1,153 properties scheduled for auction, an increase of 28% on last week. Sydney isn’t far behind with a total of 1,037 auctions scheduled to take place, an expected rise of almost 20%.
Auctions this week
While activity across Melbourne has certainly bounced back from the lows we were seeing throughout most of the second half of the year, volumes are still below 2019 levels with 1,405 homes taken to auction over the same week last year. Meanwhile one year ago in Sydney, volumes were lower at 875.
The remaining smaller markets are all expected to see a rise in activity over the week, with Brisbane set to be the busiest of the smaller cities with 147 auctions scheduled to take place. This is followed by Canberra (115), Adelaide (101), Perth (36) and Tasmania (4).
Summary of last week’s results
Last week, both auction volumes and the final combined capital city clearance rate saw a slight decline over the week. There were 2,085 capital city homes taken to auction returning a final auction clearance rate of 69.9%, down on the 2,168 auctions held the week prior when 70.6% cleared. One year earlier, a much higher 2,912 auctions took place with a final success rate of 71.1%.
Capital city auction statistics (Final)- w/e 6 December 2020
There were 899 Melbourne homes taken to auction last week, which was somewhat steady on the week prior’s 909 auctions. Final figures however saw Melbourne’s final clearance rate drop over the week, with 67.7% of homes selling, down from the 69.3% the previous week. One year ago, 1,520 auctions were held across the city with 73.2% sold.
A final auction clearance rate of 74.1% was achieved in Sydney last week across 867 auctions, an improvement on the 72.5% recorded over the previous week when volumes were higher (886). A higher 976 Sydney homes were auctioned one year ago, with a final success rate of 73.8%.
Weekly clearance rate, combined capital cities
Across the smaller cities, Canberra was the best performing with 74.8% of auctions returning a successful result, Perth followed closely with 70% of auctions clearing; the second consecutive week the city has achieved a clearance rate above or at the 70% mark.