This week was set to be the second biggest auction week so far this year however with the announcement of another lockdown in Victoria on Thursday, volumes dropped slightly. There were 2,930 homes taken to auction over the week which is currently the third highest number of auctions we have seen this year across the combined capitals. Of the 2,460 results collected so far, 75.7 per cent were successful. In comparison, the previous week recorded a higher preliminary clearance rate of 78.2 per cent, which revised down to 75.6 per cent at final figures.
Capital City Auction Statistics (Preliminary)
With Melbourne currently in lockdown, 1,264 homes were taken to auction this week, compared to 1,291 over the previous week and 261 this time last year. It is also worth noting that due to the current circumstances in Melbourne, the volume of auctions this week has revised down, with 1,451 auctions predicted for this week last Wednesday. Preliminary figures show 72.8 per cent of the 1,101 results collected so far were successful, down from the previous week, when a preliminary clearance rate of 77.6 per cent was recorded, revising down to 74.9 per cent at final figures. Looking at what has been collected so far, 20.6 per cent of auctions were reported as withdrawn, while 48.4 per cent of successful auctions were sold prior to auction. Over the year to date and excluding the temporary lock down period in February, the average proportion of auctions sold prior to the auction event was about 26 per cent and only around 4.5 per cent of auctions are withdrawn.
Weekly Clearance Rate, Combined Capital Cities
There were 1,177 homes taken to auction across Sydney this week, compared to 1,103 last week and 452 this time last year. There have been 969 auction results collected so far, returning a preliminary auction clearance rate of 81.0 per cent. Last week’s preliminary clearance rate was a lower 80.0 per cent, which revised down to 76.9 per cent at final figures.
Across the smaller capital cities, Canberra recorded a preliminary auction clearance rate of 84.7 per cent, followed by Brisbane where preliminary results show 71.9 per cent of auctions were successful. Adelaide recorded a preliminary auction clearance rate of 69.3 per cent, while in Perth, 34.8 per cent of reported auctions were successful.