Auction volumes continue upward trend

Melbourne recorded the highest volume at 782 homes, making up for 47 per cent of all capital city auction activity over the week. This was higher than last week’s 615 auctions and last year’s 743 auctions.

Sydney followed with 634 auctions, or 38 per cent of all scheduled auctions across the combined capitals. This, too, was higher than the figures recorded the week prior at 447 auctions and last year at 583 auctions.

Across the smaller cities, auction volumes were also higher in Canberra and Perth at 65 and 18, respectively.

On the other hand, scheduled volumes were lower in Adelaide and Brisbane at 78 and 81 auctions, respectively. Tasmania has only one auction scheduled for this week.

Last week’s results

The final auction clearance rate for the week ending 7 February landed at 79.3 per cent for the combined capitals, as 1,304 homes were taken to auction.

This was an improvement from the previous week’s 77.2 per cent clearance rate across 884 auctions, and last year’s 67.7 per cent clearance rate across 1,167 auctions.

Sydney, in particular, returned a strong result, with 84.4 per cent of the 447 auctioned homes sold. This was higher than the 76.7 per cent clearance rate across 270 auctions over the week prior and the 77.6 per cent clearance rate recorded one year ago across 270 auctions.

Similarly, Canberra stood out with an 86.2 per cent clearance rate, followed by Adelaide with 83.3 per cent.

In contrast, Melbourne saw the final auction clearance rate fall as volumes rose.

The Victorian capital saw 615 homes taken to auction, returning a final clearance rate of 76 per cent, lower than last week’s 80 per cent across 390 auctions. However, it was higher than the results a year ago, when 419 Melbourne homes were auctioned, returning a 68.5 per cent clearance rate.