There are 2,288 capital city homes scheduled for auction this week, down 23% on last week’s volumes, as the nation battles with multiple state lockdowns and uncertainty amid the COVID outbreak.
Auctions this week
The city of Melbourne has undoubtedly been the most affected in terms of virus outbreaks and lockdowns throughout the pandemic, however through the current period, a relatively low number of cases is seeing business as usual conditions across the Melbourne auction market. The city hosted its second busiest week for auctions of the year last week, and is set to be the busiest auction market this week. There are 1,055 homes currently scheduled to go under the hammer, down on the 1,418 auctions held last week.
There are 863 Sydney homes scheduled for auction, however it is likely a large portion of these will be withdrawn as the city expanded its lockdown from 4 council regions, to include all of Greater Sydney. Last week, 1,084 auctions took place across the city.
Brisbane is expected to be the busiest of the smaller cities this week, however with the city currently in a 3 day lockdown awaiting further results from contact tracing, it is uncertain if these will proceed over the weekend.
Summary of last week's results
Last week, the combined capital city final auction clearance rate improved against higher volumes. While week-on-week preliminary results indicated a weakening in clearance rate, the final figure held up over the week to come in at 75.4%, from 74.1% over the week prior. There were 2,960 homes taken to auction across the combined capitals, up on the 2,400 auctions held over the previous week.
In Melbourne, 1,418 homes were auctioned last week, returning a final auction clearance rate of 74.7%. This was 5.6 percentage points higher than over the previous week and the highest in four weeks. Over the previous week, 788 auctions took place across the city with 69% reportedly selling.
Capital city auction statistics (Final) - w/e 27 June 2021
There were 1,084 Sydney homes taken to auction last week, revising down on the initial predicted count of 1,153 scheduled auctions. The downward revision occurred as parts of the city entered into lockdown last Friday, followed by the whole of Greater Sydney by Saturday evening. Of the 1,079 results collected, a final auction clearance rate of 77.5% was achieved and 9% were withdrawn. Of the 836 sold results collected, 42% reportedly sold prior to auction.
Weekly clearance rate, combined capital cities
Canberra was once again the best performing auction market with 91.7% of homes selling last week. Adelaide followed with a final clearance rate of 77.9%.
Sub-region auction results
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