Auction volumes were -9.6% lower this week with 1,814 homes taken to auction across the combined capital cities, after rising for the previous three weeks. The previous week saw the volume of auctions rise above 2,000 for the first time since late June with 2,006 auctions held across the combined capitals, while this time last year the auction market was much quieter with 1,423 homes taken to auction (impacted by lockdowns).

Of the 1,477 capital city results collected so far, 62.3% were successful, up 3.3 percentage points from the previous week (59.1%), which revised down to a final clearance rate of 55.8%. This time last year, 67.7% of auctions were successful.

In Melbourne, 763 homes were taken to auction this week, down -8.3% from the previous week (832), and 77.4% higher than this time last year when 430 auctions were held across the city. So far, 671 results have been collected, returning a preliminary clearance rate of 64.7%, up 3.4 percentage points from the previous week (61.3%), which revised down to 59.7% at final figures. This time last year, 43.8% of Melbourne auctions were successful.

There were 695 auctions in Sydney this week, down -10.8% from the previous week (779), although 14.5% higher than this time last year when 607 auctions were held across the city. Of the 562 results collected so far, 60.0% were successful, up 3.1 percentage points from the previous week’s preliminary clearance rate of 56.9%, which revised down to 51.7% at final figures. This time last year, 81.2% of homes taken to auction across the city were successful. Withdrawal rates remain high across the city, with 23.1 per cent of the 562 results collected reported as withdrawn. In comparison, of the 671 results collected in Melbourne so far, 8.2% were reported as withdrawn.

Across the smaller capital cities, Brisbane was the busiest auction market this week with 132 homes taken to auction across the city, down -8.3% from the previous week, while Adelaide saw 124 homes taken to auction this week, down -11.4% from the previous week. Canberra was the only capital city to see auction volumes increase over the week with 93 homes taken to auction, up 6.9% from the 87 auctions held over the previous week. There were just six auctions in Perth this week, down from 21 over the previous week, and just one in Tasmania, compared to three last week. Adelaide recorded the strongest preliminary clearance rate (70.3%), followed by Canberra (66.7%) and Brisbane (53.3%).