Scheduled auctions are swelling across the capital cities, with Sydney and Melbourne leading the charge.
This week is expected to be the second busiest week for auctions in 2021, with total homes scheduled for auction across the capitals numbering 3,087, CoreLogic data revealed.
Overall, capital city auction volumes are up by 6.4 per cent week-on-week in the week ending 9 May, and six times above last year’s volumes.
Building on their post-pandemic recovery, Melbourne and Sydney are seeing the highest level of activity, accounting for 45 per cent and 40 per cent of the overall volume, respectively.
Melbourne currently has 1,387 homes scheduled for auction, rising from last week’s 1,310 and last year’s 163; while 1,232 auctions are set to take place in Sydney, up from 1,119 in the week ended 2 May and last year’s slim 216.
Brisbane and Adelaide are next with 199 and 146 scheduled auctions, while Canberra, Perth and Tasmania are reporting lower volumes at 95, 26 and 2, respectively.
Last week’s results
CoreLogic recorded higher final auction clearance rates during the week ended 2 May as volumes increased across most capital cities.
Of the 2,902 homes taken to auction across the capitals, 77.7 per cent returned a successful result, up from the previous week’s 77.2 per cent and last year’s 47.5 per cent.
Canberra recorded the highest final clearance rate at 90.8 per cent out of a total 120 auctions, followed closely by Perth with 90.5 per cent out of 21 auctions. Adelaide came in third with an 81.9 per cent clearance rate out of 200 auctions.
Sydney and Melbourne followed, with final success rates of 80.2 per cent and 75.1 per cent, respectively.
Of the capital cities, Brisbane recorded the lowest final clearance rate at 61.1 per cent.