Auctions to pick back up

Breaking down the cities, Sydney is expecting 642 auctions this week. This is a 25 per cent rise on last week’s volumes (515) and also higher than scheduled volumes from one year ago (394).

Melbourne is expecting 558 auctions, followed by Brisbane with 72, Adelaide with 57, Canberra with 49 and Perth with 13.

“Sydney and Melbourne were both expected to see a rise in the number of homes auctioned this week; however, given Melbourne’s restrictions, a large portion of these are likely to be withdrawn, as we’ve seen over the past few weeks,” CoreLogic said.

“Last week saw the final weighted clearance rate drop to 53.1 per cent as withdrawal rates across Melbourne weighed down the overall success rate. There were 1,176 homes scheduled for auction last week, down slightly on the 1,269 auctions the week prior when a higher 56.2 per cent cleared.”

In Melbourne, 500 homes were scheduled for auction last week. However, less than 50 per cent of these returned a successful result as the city “adjusts to its second round of lockdown”, CoreLogic noted.

“Of the 498 results, 42 per cent reported a withdrawn result. Of the 218 sold results collected, 51.8 per cent reportedly sold prior to the scheduled auction date.”

Canberra was flagged as the best-performing capital city last week. CoreLogic results showed that 88.6 per cent of homes sold at auction, “although the capital city accounts for a much smaller portion of auctions compared with our larger cities with 35 auctions”.