Buyers brace for third busiest week of auctions

The largest capital cities continue to lead the charge, with Melbourne recording the highest auction volume at 1,302, even after declining by 109 from the previous week.

Meanwhile, Sydney is set to witness 1,207 homes going under the hammer this week, rising by 58 from last week.

Following Sydney and Melbourne is Brisbane, albeit with a large gap, with 171 auctions, then Adelaide with 136, Canberra with 87, Perth with 28 and Tasmania with three.

According to CoreLogic, week-on-week scheduled auctions rose across Perth and Tasmania, declined across Brisbane and Canberra, and remained steady across Adelaide.

Last week’s results

Final auction clearance rates continue to decline as volumes stay at record levels, CoreLogic has found.

Out of the total 3,016 homes taken to auction over the week ending 9 May 2021 – the second highest level of the year – only 77.2 per cent returned a successful result, down from the previous week’s 77.7 per cent out of a lower 2,902 auctions.

Houses, which accounted for 76.5 per cent of auctions last week, continued to outperform units, with 10.6 per cent more houses selling than units.

Zooming in on the capital cities, Canberra retained the crown for the highest final clearance rate at 87.6 per cent out of 97 auctions, followed by Sydney at 81.4 per cent out of 1,146 auctions and Adelaide with 77.2 per cent out of 136 auctions.

Brisbane and Melbourne followed, with final success rates of 74.4 per cent and 74.1 per cent.

Of the capital cities, Perth recorded the lowest final clearance rate at 44.7 per cent.