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Sydney and Melbourne lead the capital cities in the number of auctions as Australia continues to recover from the economic onslaught of the COVID-19 outbreak.
According to the latest CoreLogic Auction Market Preview, there are 1,823 capital city auctions in the week ending 8 November, up from 1,747 auctions last week, although lower than the 2,412 held over the same week last year.
There are 614 properties scheduled for auction across Melbourne this week, up slightly on the 606 homes auctioned last week, but lower than the 1,032 auctions held over the same week last year.
In Sydney, 896 homes are scheduled for auction over the week, up on the 854 last week. One year ago, a higher 948 homes were taken to auction across the city.
Across the smaller auction markets, scheduled volumes are higher over the week in Brisbane and Canberra, with 118 and 104 auctions, respectively. Adelaide and Perth have fewer scheduled auctions over the week at 76 and 13, while Tasmania only has two scheduled auctions this week.
Last week’s results
Last week, the combined capital city final auction clearance rate maintained strength against higher volumes.
There were 1,747 homes taken to auction over the week, recording a final auction clearance rate of 71 per cent. Last week’s clearance rate was the highest weighted average result since the week ending 1 March (73.9 per cent) and volumes reached their highest level since early April. One year ago, a lower 1,555 homes were taken to auction and 68 per cent cleared.
In Melbourne, 606 homes were scheduled for auction last week, returning a final auction clearance rate of 70.1 per cent. The week prior saw a lower 490 auctions held across the city and a final auction clearance rate of 63.5 per cent.
Historically, the week prior to Melbourne Cup records much lower levels of activity, as demonstrated in last year’s figures over the same week when only 255 auctions were held, returning a lower clearance rate of 69 per cent.
In Sydney, the final auction clearance rate rose across a higher volume of auctions last week. There were 854 homes taken to auction, the busiest week since early April, returning a final auction clearance rate of 73.1 per cent. This was higher than the 70.4 per cent over the week prior when 700 auctions took place.
One year ago, a similar 843 Sydney homes were auctioned with a higher final clearance rate (74.6 per cent).
Across the smaller cities, Canberra was the best performing with 80.2 per cent of auctions successful, followed by Adelaide (68.5 per cent), Brisbane (54.9 per cent) and Perth (50 per cent).
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