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Auction activity is on the rise across the combined capitals, with 1,920 auctions this week, an increase from the previous week’s total of 1,823.
It also marked a 34.8 per cent increase from the same period last year, when lockdowns affected several auction markets, according to the latest data from CoreLogic.
This week, 850 homes were auctioned off across the Victorian capital, making Melbourne the busiest of the national capitals. Reporting a preliminary clearance rate of 63.2 per cent, it’s slightly higher than the 62.7 per cent final figure reported last week, but likely to revise lower at final count.
There were 702 auctions held in Sydney this week, which is a 1.9 per cent increase from the number of auctions held in the previous week (689) and a 6.2 per cent increase from this time last year when there were 661 auctions held across the major city.
It’s reporting a preliminary clearance rate of 60.6 per cent, which is on par with the preliminary clearance rate reported last week of 60 per cent. Last week’s final figure was revised down to 55.8 per cent.
Withdrawn auction figures have again been high, with 23.5 per cent of the 571 results collected so far reported as withdrawn in Sydney, compared to 7.8 per cent of the 701 results collected so far in Melbourne.
The figures also stand in stark difference to this time last year, when 82.8 per cent of Sydney’s auctioned homes found buyers.
Brisbane saw a 42.4 per cent increase in auction activity compared to other smaller capital cities, with 126 homes being auctioned. A record year of internal migration to the state in 2021 has exacerbated competition for housing in Greater Queensland and Brisbane.
Adelaide was the top-performing city in the nation, with a preliminary clearance rate of 78 per cent from 125 auctions.
In Canberra, 61.9 per cent of the total 101 auctions found buyers at auction.
There were 15 auctions recorded in Perth, which is reporting a preliminary clearance rate of 50 per cent, while Tasmania had one auction on the cards, with the outcome yet to be revealed.
More than 2,200 auctions are currently on the radar across the combined capitals, indicating that next week may be the busiest auction week since late June.
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