Corelogic RP Data Pty Ltd.

10/06/2021 | News release | Distributed by Public on 10/06/2021 16:08

National Auction Market Preview - 10 October 2021

This week there are 2,759 homes currently scheduled for auction across the combined capital cities, up 38.9% from the previous week. This time last year 1,084 capital city homes went under the hammer.

Auctions this week

Melbourne is set to have its busiest week since late-June with 1,320 homes currently scheduled to go to auction. This is up 64.0% from the 805 auctions that occurred last week. With restrictions set to ease further as vaccine rates climb, it is likely that consumer confidence will return and Melbourne auction volumes will continue to rise. This time last year, just 59 auctions took place across the city.

There are currently 890 homes set to go under the hammer this week across Sydney, up from 753 auctions last week. This is a return to the upward trend, seen since late August, which was briefly interrupted by last week's long weekend. This time last year 751 auctions were held across the city.

Across the smaller capitals, Brisbane is set to host the highest number of auctions this week with 203 homes scheduled to go under the hammer - the busiest week since Nov 2017. This is followed by Adelaide with 193 and Canberra with 130 homes scheduled for auction this week (the most auctions held since the last week of November 2018). Perth is expecting 20 home to go under the hammer this week, while there are just 3 auctions scheduled in Tasmania.

Summary of last week's results

Last week the combined capital cities recorded a final clearance rate of 83.2%, the highest ever recorded by CoreLogic, with records commencing from May 2008. The previous week recorded a final clearance rate of 80.6% while this time last year just 64.4% of auctions were successful. Auction volumes were up 22.1% last week when compared to the previous week (1,626), with 1,986 homes taken to auction across the combined capitals. This time last year just 648 homes were taken to auction across the combined capitals.

Capital city auction statistics (Final)- w/e 3 October 2021

Last week Melbourne recorded its highest final clearance rate since Oct 2017, breaching the 80% mark for the first time since late March. Of the 790 results recorded, 85.3% were successful, up from 75.7% the week prior. This time last year just 60.8% of auctions were successful.

Last week also marks the first time Melbourne hosted more auctions then Sydney since late August with 805 homes taken to auction compared to 753 in Sydney. The previous week saw just 352 homes go to auction, while this time last year just 55 auctions were held. As restrictions continue to ease across Melbourne, last week's withdrawal rate dropped to 7.8%, down from 17.2% over the previous week and a recent peak in the last week of August, when 61.6% of auctions were withdrawn.

Weekly clearance rate, combined capital cities

With a final clearance rate of 81.6%, Sydney continues its 80's streak for the sixth consecutive week. The week prior Sydney recorded a final clearance rate of 81.7% while this time last year 65.8% of auctions were successful. When compared to the previous week (829), Sydney auction volumes were down slightly with 753 auctions occurring across the city, likely the result of last week's long weekend. This time last year 430 homes were taken to auction across the city.

Across the smaller capital cities, Canberra retained the top spot with a final clearance rate of 90.3%, followed by Adelaide (84.4%) and Brisbane (78.7%). Perth recorded its lowest final clearance rate since mid-July with just 46.7% of the 15 auctions returning a successful result.

Sub-region auction results (Final)- w/e 3 October 2021