There were 3,791 homes taken to auction across the capital cities this week, the busiest auction week since the week ending 25th March 2018 when 3,990 capital city homes were auctioned. In comparison, last week saw 2,710 auctions held across the combined capitals.
The higher volumes saw the preliminary clearance rate strengthen, with 84.4% of auctions recording a successful result, up from last week’s preliminary clearance rate of 82.0%, which revised down to 80.9%. Over the same week last year, a final clearance rate of just 37.3% was recorded across the combined capitals as withdrawal rates surged amidst COVID-related restrictions. This week last year, 50.2% of auctions were reported as withdrawn, while just 4.1% of auctions have been reported as withdrawn so far this week.
There were 1,899 auctions in Melbourne over the week, and of the 1,663 results reported so far, 83.8% have been successful. Last week saw 1,322 homes taken to auction across the city, returning a final clearance rate of 78.8%. This time last year, 1,565 auctions were held across the city.
Sydney was host to 1,392 auctions this week, increasing from 1,025 over the previous week, and 1,279 this time last year. The preliminary clearance rate came in at 89.1% this week, increasing the previous week’s preliminary clearance rate of 87.5%, which revised down to 85.0%. Sydney’s final auction clearance rate continues to maintain strength, holding above 80% for the past 7 weeks, and once again this week is likely to be no different once final results are collected.
Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate at 86.3%, followed by Adelaide at 73.9%. Auction volumes are set to fall next week due to the Easter long weekend, with CoreLogic currently tracking around 880 auctions across the combined capital cities, while the Easter period last year saw 634 homes taken to auction.