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By Mo Zeitouneh

Auction activity across the combined capitals is set to exceed 3,000 for the third consecutive week, with 3,286 homes scheduled for auction this week.

Auction activity across the combined capitals is set to exceed3,000 for the third consecutive week, with 3,286 homes scheduled for auction this week. This week is set to be the third busiest auction week of the year to date, behind the week ending27th February (3,386) and last week (3,377). This time last year coincided with the Easter long weekend slowdown when 845homes were auctioned across the combined capital cities. Following the week prior (1,626), when Melbourne recorded its busiest week of the year to date, expected auction activity is down 7.4%, with 1,506 homes scheduled for auction this week. This time last year 211 auctions were held across Melbourne.

Auctions this week

Sydney is the only capital expected to see a rise in auction activity this week, overtaking the week prior as the second busiest action week of the year to date. With 1,200 homes set to go under the hammer, this week’s auction volumes are up 8.7% compared to the previous week when 1,104 auctions were held. This time last year 404 auctions were held. Expected auction activity is down across all of the smaller capital auction markets this week, with 580 auctions currently scheduled to occur. Brisbane is set to host the most auctions with 216 homes scheduled to go under the hammer, followed by Adelaide (195) and Canberra (152). Perth is set to host 17 auctions, while no auctions are set to occur in Tasmania this week.

Capital city auction statistics (Final)- w/e 27 March 2022

Weekly clearance rate, combined capital cities

Summary of last week’s results

Across the combined capitals, 3,377 homes were auctioned last week, overtaking the week prior as the second busiest auction
week of the year to date. Compared to the previous week, when 3,108 homes were auctioned, last week’s auction activity was up 8.7% but down -12.1% compared to this time last year. Last year’s results coincided with the season’s Easter peak, while auction activity is likely to continue to trend upwards as the Easter break approaches. The combined capitals clearance rate fell 10 basis points this week, from 66.9% the week prior to 66.8%. This time last year 83.1% of the 3,840 auctions held
recorded a successful result.

Melbourne hosted its busiest auction week of the year to date, with 1,626 homes taken to auction across the city last week. Compared to the previous week (1,525), last week’s auction volumes were up 6.6%and are up 3.3%from the previous busiest week of the year, when 1,574 auctions occurred (week ending 27 February). Up one percentage point from the week prior (65.9%), Melbourne’s clearance rate rose last week with 66.9% of auctions recording a successful result. 1,929 auctions were held across Melbourne this time last year, 81.0%of which were successful.

Overtaking the week prior (1,029) as Sydney’s second busiest auction week of the year to date, last week’s auction activity was
up 7.3%, with 1,104 homes auctioned across the city. With 64.0% of Sydney’s auctions recording a successful result, last week’s
clearance rate fell to its lowest result since the week ending 23 January, when 54.9% of auctions were successful. The previous
week recorded a clearance rate of 64.8%, while 87.6% of the 1,410 auctions held this time last year were successful. Across the smaller capitals, Brisbane and Adelaide both recorded their busiest auction week of the year to date, with 243 and 228 homes auctioned respectively. Adelaide recorded the highest clearance rate for the second consecutive week at 75.4%, followed by Canberra, where 72.9% of the 155 auctions recorded a successful result, and Brisbane (68.3%). 10 of the 20 auctions held in Perth recorded a successful result, while the single auction held in Tasmania was successful.

Sub-region auction statistics (Final) –w/e 27 March 2022

source: corelogic.com.au

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