Passed in properties increasing
- Written by Scene Magazine
Auction activity is set to increase across six of the seven capital city markets this week, with 1,969 capital city homes set to go under the hammer. Trending upwards for the third consecutive week, auction volumes are up 8.7% compared to last week (1,812) and 11.8% above the number of auctions held this time last year (1,761).
Melbourne will hold 806 auctions, its busiest week of July with auction volumes trending upwards for the third consecutive week. Last week saw 710 homes auctioned across the city while 656 auctions were held this time last year.
Sydney is expecting 689 homes to go under the hammer this week, up 2.2% from the week prior. This time last year 671 homes were auctioned.
Across the smaller capitals, auction activity is up 10.7% week on week and 9.2% compared to the same week last year. Brisbane has 190 homes scheduled for auction, up 6.7% from the week prior, Adelaide has 171 up 26.7%. Canberrans are in deep winter mode and the only capital expecting auction volumes to fall this week (-4.0%) with 95 homes set to go under the hammer. There are currently 17 homes scheduled for auction across Perth, while Tasmania is set to host one auction this week.
Summary of results - week ending 24 July 2022
Of the 1812 auctions held last week, 51.9% sold making it the lowest clearance rate since early May 2020, when just 47.5% of auctions were successful. As selling conditions continuing to weaken across the country, the combined capitals withdrawal rate (14.8%) remains steady while a third of auctions (33.4%) were passed in. This is the highest proportion since late January 2020 (34.1%). This time last year 73.0% of the 1,728 auctions held were successful.
