Combined capital city auction volumes on the rise
- Written by Caitlin Fono, Research Analyst, CoreLogic
There were 1,920 auctions held across the combined capital cities this week, up from 1,823 over the previous week and 1,453 this time last year. Of the results collected so far, 61.7% were successful, down slightly from the previous week’s clearance rate of 62.3%, which revised down 59.4% at final figures. This time last year, 73.7% of auctions were successful. An early view of auction volumes indicate that we may see our busiest auction week since late June next week, with more than 2,200 auctions currently on the radar across the combined capitals.
There were 850 homes taken to auction in Melbourne this week, up 9.4% from the previous week (777). Of the results collected so far, 63.2% were successful, down 1.5 percentage points from the previous week (64.7%), which revised down to 62.7% at final figures. Last week’s final clearance rate was the highest clearance rate the city has seen since the week ending 1st May (63.7%). This time last year, Melbourne was navigating its sixth lockdown, with the clearance rate negatively impacted at 55.0%.
There were 702 auctions in Sydney this week, up 1.9% from the previous week (689), and 6.2% higher than this time last year when 661 auctions were held across the city. Of the results collected so far, 60.6% were successful, similar to the previous week’s preliminary clearance rate of 60.0%, which revised down to 55.8% at final figures. This time last year, 82.8% of homes taken to auction across the city were successful. Withdrawal rates remain high across the city, with 23.5% of the 571 results collected so far reported as withdrawn, compared to 7.8% in Melbourne where 701 results have been collected so far.
Across the smaller capital cities, 126 homes were taken to auction in Brisbane, followed closely by Adelaide where 125 auctions were held. There were 101 auctions held in Canberra this week, 15 in Perth, and just one in Tasmania. Adelaide recorded the strongest preliminary clearance rate this week (77.8%), followed by Canberra (61.9%) and Brisbane (42.4%).
