This week 2,727 homes were taken to auction across the combined capital cities, the busiest week since mid-July. Last week 1,986 homes went to auction across the combined capitals, while this time last year just 1,084 auctions were held. With 2,244 results collected so far 83.3% were successful, marking the third consecutive week CoreLogic has recorded a preliminary combined capital city clearance rate in the 80’s. Last week preliminary clearance rates were 84.4%, revised to 83.2% at final collection, while this time last year 66.4% of auctions held where successful.

Capital City Auction Statistics (Preliminary)

Melbourne had the busiest week with 1,357 homes taken to auction across the city, up 68.6% from the week prior(805). Vendor confidence appear to be returning, with the number of auctions tracking higher along with a sharp reduction in withdrawn auctions. Of the 1,114 auctions results reported so far, 81.9% were successful. Last week Melbourne recorded a preliminary clearance rate of 87.0%, later revised down to 85.3% at final collection. Melbourne’s withdrawal rate continues to fall, this week recording a preliminary withdrawal rate of 7.7%. This is down from a recent peak in late august when 61.6% of auctions were withdrawn amidst the uncertainty of lockdowns and a ban on home inspections. Of the 912 successful results reported so far, 36.0% were sold prior to auction.

Weekly clearance rate, combined capital cities

Across Sydney, 832 homes were taken to auction this week, down from the 890 auctions originally scheduled but up from the volumes recorded last week(753) and this time last year(751). The trend in Sydney’s auction volumes has returned to the upward trajectory observed since late august following a small dip during last week’s long weekend. Of the 734 results collected so far, 83.2% were reported as successful, continuing Sydney’s streak of 80%+ clearance rates which is now in its seventh consecutive week. Last week Sydney reported a preliminary clearance rate of 82.4%, later revised down to 81.6% at final figures. Sydney’s withdrawal rate was up slightly this week (10.6%) when compared to last week’s final withdrawal rate (10.3%). With Freedom Day scheduled for Monday, we are likely to see some pent-up supply flowing into the markets as Sydney siders prepare to reopen. Of the 611 successful results reported so far, 53.4% were sold prior to auction.

Capital City Auction Statistics (Preliminary)

Across the smaller capital city markets, Canberra reported the highest preliminary clearance rate with 93.6% of auctions returning a successful result — its highest clearance rate since late-July. This was followed by Adelaide and Brisbane with preliminary clearance rates of 89.7% and 81.3% respectively. In Perth, 13 of the 16 auction results collected so far were successful, while in Tasmania all three of the auctions returned a successful result.

Sub-region auction statistics (preliminary)