Auction volumes rose across the combined capital cities this week, with 2,232 homes taken to auction; the second highest number of weekly auctions over the year-to-date. The higher volumes returned a preliminary auction clearance rate of 83.2%, coming in slightly below last week’s preliminary figure of 84.5%, which by Wednesday revised down to 80% as final results were collected. A similar 2,274 auctions were held over the same week last year, however close to 20% fewer homes sold (65.3%).
Capital City Auction Statistics (Preliminary)
Across the individual property types, houses have been the standout performer in 2021 so far, with clearance rates above 80% for seven consecutive weeks now, while across the unit market an average of 70% have sold at auction this year.
Weekly Clearance Rate, Combined Capital Cities
In Melbourne, 1,094 properties were taken to auction this week, returning a preliminary auction clearance rate of 80.3%. Last week, a lower 487 homes were auctioned across the city with 75.2% clearing and last year, 1,201 auctions were held and a 65.6% clearance rate was achieved.
Sydney returned a preliminary auction clearance rate of 87.4% this week, with 817 properties taken to auction. Once the auction results are finalised, this is likely to be the sixth consecutive week the city has seen over 80% of auctions successful. Last week’s final clearance rate came in at 82.9% across a lower 789 auctions. One year ago, 767 auctions were held and 68.1% sold.
Canberra was the best performing of the smaller auction markets with a preliminary auction clearance rate of 95% this week.
Next week, auctions markets are set to be tested across substantially higher volumes, with CoreLogic currently tracking around 2,700 scheduled auction events.
Sub-region auction statistics
CoreLogic Australia