Auction activity continues to swell

05 FEB 2021 By Maja Garaca Djurdjevic 10 min read Hotspots

Auction activity continues to swell, with 1,321 homes scheduled for auction across Australia’s capital cities last week, with just under half of all auctions taking place in Melbourne.

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According to new data from CoreLogic, Melbourne remains the busiest auction market, with 615 homes going under the hammer last week, up sharply from a week earlier when 390 auctions were held.

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Despite the city’s prolonged lockdown, the number of auctions also surpassed last year’s numbers, which stood at a much lower 419.

Overall, auction volumes across the country increased from 884 in the week ended 31 January, which resulted in a clearance rate of 77.2 per cent, the highest final clearance rate recorded since February 2017.

What’s next?

In Sydney, 456 homes hit the auction market last week, up from 270 a week earlier.

But performance varied across the other capital cities with only one scheduled in Tasmania, 84 in Brisbane and 20 in Perth.

CoreLogic noted that with auction volumes up almost 50 per cent last week, it will be interesting to see how the clearance rates hold up across the combined capitals.

City

Clearance rate

Total auctions

Cleared auctions

Sydney

76.7%

270

207

Melbourne

80.0%

390

312

Brisbane

54.0%

50

27

Adelaide

83.3%

85

70

Perth

53.8%

13

7

Tasmania

n.a.

2

0

Canberra

79.7%

74

59

Weighted average

77.2%

884

682

 

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