Expected auction activity is down amid the Easter long weekend. Following the busiest week of the year to date last week (4,035), the number of auctions scheduled across the combined capitals this week is down significantly, with just 956 homes set to go under the hammer. This week’s auction volumes are down -61.2% from this time last year (2,467), but up 13.1% compared to the Easter long weekend last year (week ending 4 April 2021) when 845 auctions were held.
Auctions this week
Expected auction activity is down amid the Easter long weekend. Following the busiest week of the year to date last week (4,035), the number of auctions scheduled across the combined capitals this week is down significantly, with just 956 homes set to go under the hammer. This week’s auction volumes are down -61.2% from this time last year (2,467), but up 13.1% compared to the Easter long weekend last year (week ending 4 April 2021) when 845 auctions were held.
Sydney is set to host the most auctions this week, with 512 homes scheduled to go under the hammer across the city. This week’s auction activity is down compared to this time last year, but up 26.7% compared to last year's Easter long weekend (404).
Auction activity across Melbourne is down 85.1% compared to this time last year and down -13.7% from the 211 auctions held over last year's Easter long weekend. 182 homes are scheduled to go to auction across Melbourne this week.
Across the smaller capitals, auction activity is down -19.9% compared to this time last year, but up 13.9% compared to last year's Easter long weekend. Amongst the smaller capital cities, Brisbane is set to host the most auctions this week, with 103 homes scheduled, followed by Adelaide (74) and Canberra (68). Across Perth, nine homes are scheduled for auction, while eight auctions are expected to occur across Tasmania.
Capital city auction statistics (Final)- w/e 10 April 2022
Weekly clearance rate, combined capital cities
Summary of last week’s results
The combined capitals recorded both its busiest auction week and its lowest clearance rate of the year to date last week amid the pre-Easter auction surge. Auction activity across the combined capitals last week exceeded 4,000 for just the fifth time on record, with 4,035 auctions held across the combined capitals. The fifth busiest auction week since CoreLogic records commenced in 2008, last week's auction volumes were 25.7% up from the 3,209 auctions held the week prior and up 83.5% compared to this time last year when auction volumes were low off the back of the Easter long weekend break. The increased auction activity saw the clearance rate fall to its lowest result of the year with 64.0% of auctions returning a successful result, down from 66.8% the week prior. This time last year 76.8% of auctions held were successful.
Melbourne held the most auctions last week, hosting 1,795 auctions across the city, up 19.6% from the week prior (1,501). Its busiest week of the year to date, the increased auction activity saw Melbourne’s clearance rate fall to its lowest rate since the week ending 23 January (60.4%) with 62.7% of auctions recording a successful result. Compared to the week prior (67.0%), last week’s clearance rate was down 4.3 percentage points. This time last year 72.5% of the 1,059 auctions held were successful.
Across Sydney, 1,490 homes went under the hammer, making last week Sydney’s busiest auction week of the year to date and its fifth busiest on record. Compared to the week prior, last week’s auction activity was up 31.2% and up 81.5% from the 812 auctions held this time last year. Continuing the trend seen over the past six-weeks, Sydney’s clearance rate slipped further, with just 61.7% of auctions returning a successful result. 63.8% of auctions held the previous week were successful while this time last year 81.4% were successful.
Auction activity across the smaller capital city auction markets surged last week, with Adelaide and Canberra both recording the busiest week of the year to date. Just shy of 300, Adelaide was the busiest amongst the smaller capitals, hosting 292 auctions across the city, followed by Brisbane and Canberra. The only capital to record a week on week increase in its clearance rate, Adelaide also recorded the highest clearance rate at 79.7% followed by Canberra (69.7%) and Brisbane (64.9%). Ten of the 20 auctions held in Perth were successful, while both auctions held in Tasmania recorded a successful result.
Sub-region auction statistics (Final) –w/e 10 April 2022
Meet Kaytlin Ezzy
Economist
As an economist, Kaytlin is a key member within CoreLogic’s research team. Highly efficient and flexible, she specialises in collating large and customised data sets, data visualisation and residential data reports.
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