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There are 2,467 homes scheduled to go under the hammer across the combined capital cities this week, an impressive rise from last week when 1,779 auctions were held.
CoreLogic’s Auction Market Preview for the week ending 13 February 2022 reported that this time last year, a noticeably lower 1,496 homes were taken to auction over the same week. It is also a far cry from the 1,330 auction volumes from the five-year market average.
Melbourne is set to be the busiest market this week, with 1,033 homes set to go under the hammer, a leap from last week’s 582 auctions held and 62.7 per cent above the levels seen last year.
Meanwhile, Sydney is set to become the second-busiest market this week, with 950 homes scheduled for auction, an increase on last week’s 600 auctions held and also higher than the 625 homes taken to auction one year ago.
Despite a strong start to the year, auction activity in the smaller capitals is stepping on the brakes this week. Brisbane, Canberra, Adelaide, Perth and Tasmania are only reporting 484 auctions – a drop of 18.9 per cent after last week’s 597 auctions.
However, this week’s figures are still double the volume of the previous year’s 236 homes auctioned in the smaller capitals.
With 182 auctions scheduled this week, Brisbane is set to be the busiest market among the smaller capitals, followed by Adelaide (160) and Canberra (118). Only 20 residences in Perth are set to go under the hammer, while four auctions in Tasmania are also scheduled.
Last week’s results
The combined capital city final auction clearance rate went up last week, off the back of 1,779 homes taken to auction.
Together, they returned a final auction clearance rate of 72.5 per cent, a small improvement on the 72.4 per cent final auction clearance rate over the week prior as volumes consistently surged.
Auction activity revved up in Sydney over the week, with 606 homes taken to auction across the city.
The higher volumes returned a final clearance rate of 72.7 per cent, an improvement from the 66.3 per cent achieved over the week prior but lower than the 84.4 per cent recorded one year ago.
Just like Sydney, Melbourne saw auction activity and clearance rates rise last week, with 582 homes auctioned, increasing on the 394 the week prior but still lower than this time last year (615).
The higher volumes saw the final clearance rate improve to 74.7 per cent, higher than the 67.5 per cent recorded the previous week, albeit still slightly lower than one year ago (76 per cent).
Brisbane, Canberra and Adelaide all saw double the volumes recorded last year.
Canberra emerged as the best performing market, with 83.6 per cent of homes sold at auction, followed by Adelaide (82.4 per cent). Brisbane recorded its lowest clearance rate since the last week of January 2021 (56.2 per cent).
Kaytlin Ezzy, research analyst at CoreLogic, has noted that the “low clearance rate was largely driven by an above-average withdrawal rate (21.2 per cent) – its highest since May 2020 – amid a series of storms over the weekend”.
In Perth, 13 of the 36 auctions held produced a positive result (36.1 per cent). Tasmania only held two auctions, one of which was successful.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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