Predicted auction volumes remain strong this week with expected capital city volumes in excess of 3,000 for the fourth consecutive week. With 3,643 capital city homes scheduled to go under the hammer, this week is set to be the second busiest of the year and the busiest since late March. This is a 10.7% rise from last week’s auction volumes (3,292) and more than double the auctions that occurred this time last year (1,728).
Auctions this week
Melbourne auctions are slated to account for approximately 44% of the capital city auctions this week with 1,588 homes predicted to go under the hammer. This is up 13.6% from the 1,398 auctions that occurred last week and more than double the 604 auctions recorded this time last year.
With 1,332 auctions scheduled across Sydney, this week is set to overtake last week as its busiest since late March. This will be the third consecutive week Sydney will host auctions in excess of 1,000 and a continuation of the upward trend in auction volumes seen since late August. Last week 1,239 auctions were held across Sydney, while this time last year 840 auctions occurred.
Across the smaller capitals, Brisbane is set to host the most auctions this week with 290 homes scheduled to go under the hammer, its busiest week since November 2014. If all their scheduled auctions go ahead this week, both Adelaide (246) and Canberra (161) will have their busiest auction week since CoreLogic records commenced in 2008. Perth is expecting 21 homes to go under the hammer this week, while five auctions are scheduled in Tasmania.
Summary of last week's results
Across the combined capitals 3,292 homes went to auction last week. This is down from the week prior (3,546) but overtakes the week before that as the third busiest of the year. With auction volumes in excess of 3,000 for the third consecutive week, clearance rates have slipped further, with 73.0% of auctions returning a successful result last week compared to 76.8% the week prior. This is the lowest capital city clearance rate recorded since early September, during the height of COVID-19 restrictions. This time last year 69.0% of the 1,757 auctions held were successful.
Capital city auction statistics (Final)- w/e 7 November 2021
In Melbourne, 1,398 homes went to auction last week, down 20.2% from the week prior (1,752) but more than double the volumes recorded this time last year (611). With volumes in excess of 1,000 for the fifth week in a row, Melbourne recorded its lowest clearance rate since the middle of September with 67.7% of auctions ending in a successful result. The week prior saw 75.2% of auctions record a successful result while a clearance rate of 68.0% was recorded this time last year.
Weekly clearance rate, combined capital cities
Sydney had its busiest auction week since late March and its second busiest of the year, with 1,239 auctions held across the city last week. The week prior saw 1,151 homes taken to auction, while this time last year 851 auctions occurred. With volumes continuing to rise across Sydney, the clearance rate slipped further recording its lowest clearance rate since late July at 74.1%. This is down from 76.6% recorded the previous week but up from 73.3% this time last year.
Last week Canberra recorded the highest capital city clearance rate for the sixth consecutive week at 88.9% - its eighth consecutive week with a clearance rate above 80%. In Adelaide, 80.2% of auctions were successful this week, down from 85.2% the previous week, while Brisbane's clearance rate rose from 76.6% the week prior to 83.3%. In Perth, 54.5% of auctions returned a successful result, while three of the five auctions held across Tasmania were successful.
Sub-region auction results (Final)- w/e 7 November 2021
CoreLogic Australia