This week we are expecting the second busiest week for auctions of 2021 with 3,087 capital city homes set to go under the hammer over the week. This week’s scheduled volumes are up by 6.4% on last week’s 2,902 auctions held and significantly higher than volumes from one year ago throughout the COVID lockdown period (480).
Scheduled volumes are up across the two largest capital cities this week, with Melbourne making up 45% of all activity this week and Sydney with 40% of overall volumes.
Auctions this week
There are 1,387 Melbourne homes scheduled for auction this week, up on the 1,310 last week and the 163 one year ago.
In Sydney, 1,232 auctions are set to take place across the city, rising on the 1,119 held last week and higher than the 216 last year.
Brisbane is set to be the busiest of the smaller auction markets this week, with 199 auctions scheduled to take place. Following is Adelaide (146), Canberra (95), Perth (26) and Tasmania (2).
Summary of last week’s results
Last week the weighted average clearance rate improved as volumes increased. There were 2,902 capital city homes taken to auction returning a final auction clearance rate of 77.7%. Over the previous week, 2,087 auctions took place with 77.2% reportedly selling. One year ago, the auction market was at a COVID standstill and as such only 612 auctions took place with a final auction clearance rate of 47.5%.
Capital city auction statistics (Final)- w/e 2 May 2021
There were 1,310 Melbourne homes auctioned last week, returning a final success rate of 75.1%. This was down on the previous week’s 75.5% across a lower number of auctions (957). One year ago, 217 Melbourne homes were auctioned and the final clearance rate was 41.9%.
Sydney had its second busiest auction week of 2021 last week, with 1,119 auctions held. The higher volumes saw the final clearance rate improve, coming in at 80.2%, from 79.3% the week prior when 794 auctions took place. Last year, 283 Sydney homes were taken to auction returning a final clearance rate of 53.9%.
Canberra was the best performing of the smaller cities for yet another week, recording its sixth consecutive week above the 90% mark with a 90.8% final clearance rate. A surprising close second highest; coming in only slightly behind Canberra was Perth with a 90.5% final clearance rate, however volumes were considerably lower across Perth.