Over 2,000 homes taken to auction across the combined capital cities
22 February 2021 | CoreLogic report
There were 2,094 homes scheduled for auction across the combined capital cities this week, up from 1,496 over the previous week.
Of the 1,754 results collected so far, 84.4 per cent have reported a successful result, down from last week’s preliminary auction clearance rate of 86.1 per cent which revised down to 77.1 per cent at final figures. Over the same week last year, 2,517 homes were taken to auction and 72.7 per cent of reported results were successful.
Melbourne was host to 1,061 auctions this week, up from 635 over the previous week, while this time last year a higher 1,248 homes were taken to auction. Of the 908 results collected so far, 82.2 per cent were successful, down from last week’s preliminary clearance rate of 87.8 per cent, which revised down to 70.6 per cent at final figures.
The large revision last week was partly due to a spike in withdrawn auctions while the city was in lockdown, with 25.3 per cent of reported auctions returning a withdrawn result. So far this week, just 6.4 per cent of reported auction results were withdrawn across the city.
In Sydney, 769 homes were taken to auction this week, compared to 625 over the previous week and 963 this time last year. The preliminary clearance rate came in at 88.2 per cent this week, up from the previous week’s preliminary clearance rate of 87.5 per cent, which revised down to 83.9 per cent at final figures.
This time last year, 74.5 per cent of reported auctions were successful. It is likely that Sydney’s final auction clearance rate will come in above 80.0 per cent for the third consecutive week.
Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 92.4 per cent, followed by Adelaide (85.4 per cent) and Brisbane (79.4 per cent).
Auction markets are set to be tested on larger volumes next week, with CoreLogic tracking close to 2,500 capital city auctions scheduled to be held.