Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Auction preview: Sydney expects a breakthrough in auction volumes

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

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
Sydney north shore reb
lawyersweekly logo

Feeling burnt out? The newest event to hit the industry, REInnovate, is a must-attend for serious real estate professionals facing the pressures of a heavy workload. Get ready to walk away with the undeniable structure for success, efficiency and profitability, and get yourself back on track to focus on what’s really important for your business. Get your early bird ticket now.

Tags:

Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Gnarabup
66.67%
Boomerang Beach
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.