Auction activity continues to increase across the combined capital cities, with 3,629 homes currently scheduled for auction this week. Auction volumes have only risen above 3,500 two other times since the beginning of 2018, once in the lead up to Easter 2018 when 3,990 auctions were held (w/e 25th March 2018), and once in the lead up to Easter 2021, when 3,840 auctions were held (w/e 28th March 2021). In comparison, there were 3,019 homes taken to auction across the combined capital cities over the previous week, and 1,747 this time last year.
Auctions this week
Melbourne will see 1,783 auctions held this week, up 21.5 per cent from the previous week when 1,467 auctions were held, and substantially higher than this time last year (606). It is the second busiest week for auctions across Melbourne so far this year.
Like Melbourne, Sydney is also set to see the second busiest auction week so far this year, with 1,202 homes scheduled for auction across the city, up from 974 over the previous week and 854 this time last year.
Across the smaller capital cities, Brisbane is set to host 248 auctions this week, the highest weekly auction volumes Brisbane has seen since the week ending 20th November 2016 (262). There are 235 auctions scheduled in Adelaide this week, the busiest auction week since records began in 2008, while Canberra is expecting 141 auctions this week, the busiest week for auctions since late November 2018. Perth is the only capital city expecting to see volumes fall with 18 homes scheduled for auction this week, down from 23 over the previous week, while there are just two auctions on the radar in Tasmania.
Summary of last week's results
Last week was the second busiest auction week for the year, with 3,019 homes taken to auction across the combined capital cities, up from both the previous week (2,940) and this time last year (1,427). Of the 3,000 auction results collected, 78.9 per cent were successful, up from 78.3 per cent over the previous week and 66.9 per cent over the same week last year.
Capital city auction statistics (Final)- w/e 24 October 2021
There were 1,467 auctions held across Melbourne last week, compared to 1,493 over the previous week and 490 this time last year. While auction volumes were similar week-on-week, Melbourne recorded a stronger clearance rate last week, with 77.8 per cent of the 1,460 reported auctions returning a successful result, up from 74.9 per cent over the previous week. This time last year, 63.5 per cent of reported auctions were successful.
Weekly clearance rate, combined capital cities
In Sydney, 974 homes were taken to auction last week, up from 916 over the previous week and 700 this time last year. The higher volumes saw the final clearance rate slip below 80.0 per cent for the first time since the week ending 22nd August. Of the 966 results collected, 78.5 per cent were successful, down from 81.5 per cent over the previous week, although higher than this time last year, when 70.4 per cent of reported auctions were successful.
Across the smaller capital cities, Canberra recorded the highest final auction clearance rate (88.7 per cent), followed by Adelaide (86.6 per cent), Brisbane (77.7 per cent), and Perth (56.5 per cent). There were just two auctions held in Tasmania last week and they were both successful.
Sub-region auction results (Final)- w/e 24 October 2021
CoreLogic Australia