The number of homes scheduled for auction continues to trend lower, despite most states having lifted the ban on on-site auctions and inspections.
Only 365 auctions are scheduled this week, lower than the 480 auctions last week – and it’s likely to be a few weeks before there’s an uplift in scheduled volumes due to agents generally running four-week marketing campaigns in the lead up to an auction event.
According to CoreLogic figures, 110 Melbourne homes are scheduled for auction this week, down on the 163 held last week, while Sydney is expected to be the busiest auction market for another week, with 167 scheduled auctions this week, down on the 216 held last week.
Brisbane and Perth are the only capital city auction markets expected to see an increase in volumes over the week, with volumes lower across Adelaide and Canberra.
Tasmania has no scheduled auctions this week.
The capital city final auction clearance rate came in at 59.9 per cent last week, the highest final result since mid-March.
The improved clearance rate was across a lower volume of auctions with 480 held, down on the 612 held over the week prior when 47.5 per cent cleared.
Of the 395 results collected, 22 per cent were withdrawn which was much lower than the 50 per cent seen a few weeks ago, which is the main factor in the improvement of clearances rates.
The number of ‘sold prior’ results was slightly lower this week, however still remained higher than usual with 43.8 per cent of properties selling prior to the scheduled date.
Melbourne’s final auction clearance rate came in at 56.5 per cent across 163 auctions. Of the 138 results collected, 18 per cent reported a withdrawn result, which was the lowest number of withdrawn auctions in weeks, while of the 78 sold results 46.2 per cent sold prior to auction.
In Sydney, 66.3 per cent of auctions reportedly sold last week, which was the highest clearance rate out of the capital city markets. There were 216 scheduled auctions with 166 results. Of the results collected, 21 per cent were withdrawn and of the 110 sold results 43.6 per cent sold prior.
Canberra returned the highest final clearance rate of the smaller auction markets, with 56.1 per cent of homes selling. Adelaide followed closely with a final clearance rate of 51.9 per cent.
