With the Queen’s Birthday long weekend on the agenda for a number of states and territories, it isn’t any surprise there’s a decline in scheduled auctions.
The latest CoreLogic data suggests only 1,636 homes are set to go under the hammer across the combined capital cities for the week ending 13 June 2021, prior to the public holiday this coming Monday.
It means scheduled auctions are down by 39 per cent from the 2,668 auctions held last week, although still higher than last year’s 1,181.
Sydney still looks set to hold the most, with 802 auctions still penciled in — a decline from last week’s 1,171.
Melbourne’s decline is even bigger, even as the city emerges from yet another lockdown. Just 519 auctions are scheduled to take place.
Brisbane is reporting 128 auctions, Adelaide is expecting 90, with Canberra’s 75 scheduled auctions and Perth’s 22 meaning that all of Australia’s capital cities are posting declines compared with the previous week.
Last week’s results
There’s evidence the market is stabilising, after CoreLogic revealed that the week ended 6 June 2021 marked the fourth consecutive week of decline in final auction clearance rates across capital cities.
Of the 2,668 auctions held, only 70.6 per cent returned sold results — down from last week’s 73.5 per cent.
It marks the lowest clearance rate recorded across the combined capital cities this year.
Only Perth and Adelaide auction clearance rates bucked the downward trend, posting improved clearance rates.
Canberra retained the crown for the highest final clearance rate of 83.3 per cent out of 102 auctions, followed by Sydney at 75.6 per cent out of 1,164 auctions and Adelaide with 74.8 per cent out of 151 auctions.
Brisbane and Melbourne followed, with final success rates of 65.8 per cent and 64 per cent, respectively.
While Perth recorded the lowest final clearance rate at 60 per cent, this was a big jump from the week prior, when just 29.7 per cent of auctions posted successful clearances.