10/13/2021 | News release | Distributed by Public on 10/13/2021 16:05
This week is set to be the busiest week for auctions since late March with 3,096 homes currently scheduled to go under the hammer across the combined capital cities, up from 2,708 over the previous week and 1,131 this time last year. If all of these auctions go ahead, it will be the second busiest auction week of the year so far, and the third time this year that weekly auction volumes have risen above 3,000.
Melbourne is currently set to host the highest number of auctions since late March, accounting for 49.9 per cent of auction activity this week, with 1,544 homes scheduled for auction. Over the previous week, 1,351 auctions were held, while this time last year, there were just 187 auctions held across Melbourne.
There are 983 auctions scheduled in Sydney this week, the busiest week for auctions across the city since late June. There were 825 Sydney homes taken to auction over the previous week and 704 this time last year.
Across the smaller capital cities, Brisbane is set to host the highest number of auctions over the week (211), followed by Adelaide (201) and Canberra (131). Perth is expecting to see 25 homes taken to auction, while there is just one auction scheduled in Tasmania this week.
A final clearance rate of 80.2 per cent was recorded across the combined capital cities last week, down from the previous week (83.2 per cent), although higher than this time last year (66.4 per cent). There were 2,708 homes taken to auction across the combined capitals last week, compared to 1,986 over the previous week and 1,084 this time last year. Auction volumes have been climbing over the last 5 weeks as COVID related restrictions begin to ease across Australia's two largest auction markets, Sydney and Melbourne. We are expecting auction volumes to rise further through spring and into early summer, as long as new restrictions aren't implemented.
There were 1,351 auctions held across Melbourne last week, up from 805 over the previous week and 59 this time last year. Of the 1,342 results collected, 77.3 per cent were successful, down from 85.3 per cent over the previous week which was the highest clearance rate the city had seen since October 2017.
There were 825 homes taken to auction in Sydney last week, compared to 753 over the previous week and 751 this time last year. Of the 814 results collected, 81.7 per cent were successful, meaning the final clearance rate in Sydney has held above 80.0 per cent for 7 consecutive weeks. The previous week saw 81.6 per cent of reported auctions return a successful result, while this time last year, a clearance rate of 67.2 per cent was recorded.
Across the smaller cities, Canberra recorded a final auction clearance rate of 92.6 per cent last week, followed by Adelaide (86.5 per cent), Brisbane (80.3 per cent), and Perth (77.3 per cent). There were just 3 auctions held in Tasmania last week, with all 3 recording a successful result.