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Auction preview: Sydney expects a breakthrough in auction volumes

By Noemi Pamintuan-jara
22 October 2021 | 1 minute read

Anticipation of easing lockdown restrictions has translated to an upward trend in auction volumes in recent weeks, and this week is no different.

CoreLogic’s latest auction preview revealed that 3,101 homes are scheduled to go under the hammer across the combined capital cities this week. This is a three-digit increase from the 2,940 auctions that took place the previous week and the 1,427 reported at this time last year.

This week in Melbourne, there will be 1,474 auctions, a slight decrease from the previous week’s total of 1,493. Despite the slight drop, it’s gearing up to be the third busiest week for auctions in Melbourne for 2021, according to CoreLogic researcher Caitlin Fono. For some perspective, this time last year, just 490 homes were auctioned off in the city during the same week.

Sydney is set to see a breakthrough of its own, with auction volumes rising to more than 1,000 for the first time since June, with 1,037 homes scheduled to go under the hammer. It’s a jump from the 916 auctions that were held the previous week and is over 30 per cent higher than this time last year when just 700 homes were auctioned off.

Brisbane is expected to be the busiest of the smaller capital city markets, with 231 auctions scheduled in the coming week. This is closely followed by Adelaide, with 210 currently scheduled, and Canberra, with 200 homes to go under the hammer. Perth is expected to host 22 auctions this week, whereas Tasmania has only two auctions scheduled.

Last week’s results

It comes off the back of “the busiest auction week of the year” last week, with 2,940 homes auctioned across the combined capital cities. This was up from 2,708 the week before and the 1,131 auctions that took place this time last year.

With the higher auction volumes on show, the final clearance rate did fall below 80 per cent for the first time in four weeks. All in all, 78.3 per cent of the 2,921 auction results collected were successful, down from 80.2 per cent the previous week but higher than this period last year at 66.2 per cent.

Auction preview: Sydney expects a breakthrough in auction volumes
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