There were 3,791 homes taken to auction across the combined capital cities this week, the busiest auction week since the week ending 25th March 2018 when 3,990 capital city homes were taken to auction.

In comparison, last week saw 2,710 auctions held across the combined capitals, while at the same time last year, 3,289 homes were taken to auction.

The higher volumes saw the preliminary clearance rate strengthen, with 84.4 per cent of auctions recording a successful result, up from last week’s preliminary clearance rate of 82.0 per cent, which revised down to 80.9 per cent at final figures.

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Over the same week last year, a final clearance rate of just 37.3 per cent was recorded across the combined capitals as withdrawal rates surged amidst COVID related restrictions.

This week last year, 50.2 per cent of auctions were reported as withdrawn, while just 4.1 per cent of auctions have been reported as withdrawn so far this week.

There were 1,899 auctions held in Melbourne over the week, and of the 1,663 results reported so far, 83.8 per cent have been successful. Last week saw 1,322 homes taken to auction across the city, returning a final clearance rate of 78.8 per cent.

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 per cent this week, increasing on the previous week’s preliminary clearance rate of 87.5 per cent, which revised down to 85.0 per cent at final figures.

Sydney’s final auction clearance rate continues to maintain strength, holding above 80 per cent for the past 7 weeks and once again this week is likely to be no different once final results are collected.

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Across the smaller auction markets, Canberra recorded the highest preliminary clearance rate at 86.3 per cent, followed by Adelaide at 73.9 per cent.

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.

The views expressed in this article are an opinion only and readers should rely on their independent advice in relation to such matters. 

This article was first publsihed by CoreLogic. 

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