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What was supposed to be the second-biggest auction week of the year could have taken a turn for the worse following the announcement of another lockdown in Victoria last week.
Almost 3,000 homes — a total of 2,930 homes — were taken to auction across the combined capital cities over the week ended 30 May 2021 — a slight drop from the expected 3,162 after Victoria entered into a seven-day snap lockdown, the latest CoreLogic figures have revealed.
Even with that contraction, this week still recorded the third-highest number of auctions seen thus far in 2021.
Melbourne continued to see the highest number of auctions among the capital cities at 1,264, although it was down from the 1,451 auctions predicted for the capital city last week. The current volume was also slightly below the previous week’s 1,291 but significantly higher than last year’s 261.
Sydney saw 1,177 auctions, then Brisbane with 192, Adelaide with 163, Canberra with 94, Perth with 38 and Tasmania with 2.
Of the 2,460 results collected across the combined capitals so far, 75.7 per cent returned a successful result — lower than last week’s final figure of 75.6 per cent.
Canberra emerged on top with a preliminary clearance rate of 84.7 per cent, followed by Sydney with 81 per cent, Melbourne with 72.8 per cent, Brisbane with 71.9 per cent, Adelaide with 69.3 per cent and Perth with 34.8 per cent.
According to Ray White Victoria and Tasmania CEO Stephen Dullens, Victoria’s agents have been unfazed by the snap lockdown.
“After a week with so much change across Victoria, it’s been tremendous to see such fantastic results achieved across all property segments in Melbourne,” the CEO said.
“Despite these challenges, it’s been wonderful to see so much activity to assist our customers and keep the real estate market active.”
Based on results collected so far, Melbourne has already seen 20.6 per cent of auctions withdrawn over the week — significantly higher than the average proportion of auctions withdrawn over the year to date (excluding the temporary lockdown in February) at 4.5 per cent.
“While some auctions were pulled forward to beat the lockdown, a mountain of work from our agents saw the majority of auctions continue online,” Mr Dullens added.
Looking ahead, Archistar’s chief economist, Dr Andrew Wilson, forecast an easing in activity come June.
He said: “Following unprecedented autumn auction market results, activity will ease over June as the quieter mid-year selling season emerges.
“June buyer and seller engagement will however follow the record levels reported over May, with relatively high early winter numbers and rising prices set to continue over coming weeks — notwithstanding a continuation of the current lockdown restrictions on the Melbourne market.”
Home values
Looking at the weekly change in home values, CoreLogic pointed to a 0.5 of a percentage point growth in combined capital city values over the week ended 30 May 2021, with Sydney leading the charge with a 0.7 of a percentage point rise, followed by Adelaide with 0.6 of a percentage point, Brisbane with 0.5 of a percentage point, and Perth and Melbourne with 0.3 of a percentage point.
Month-on-month, the data saw Sydney maintain its lead with a 2.8 per cent increase, followed by Brisbane with 1.8 per cent, Adelaide with 1.7 per cent, Melbourne with 1.6 per cent and Perth with 1.0 per cent.
Meanwhile, year-to-date changes pointed to Sydney still winning the race, further widening its gap from other capital cities with a lift of 12.4 per cent — making it the only capital city with double-digit growth. Brisbane followed with 8.6 per cent, then Melbourne with 8.1 per cent, Adelaide with 7.1 per cent and Perth with 7.0 per cent.
Over the most recent four-week period, Sydney and Canberra clocked the highest capital city private treaty median price for houses at $901,750 and $820,000, respectively. Sydney also held the pole position for units, with a private treaty median of $649,950, while Melbourne followed with an average figure of $574,000.
On the other hand, Adelaide was the most affordable capital city for houses and units, with the private treaty median prices sitting at $493,250 and $372,500, respectively.
Private treaty sales represented around 85 per cent of all dwelling sales across the country, according to CoreLogic.
Average time on market for houses was shortest in Hobart at 24 days, followed by Sydney at 26 days, Melbourne and Adelaide at 31 days, Canberra at 34 days, Brisbane at 36 days, Perth at 38 days and Darwin at 48 days.
For units, Hobart recorded the lowest number at 27 days, while Brisbane was the highest at 51 days, followed by Melbourne (41), Perth (38), Canberra (37), Sydney (37) Adelaide (37) and Darwin (31).
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