National Auction Market Preview - 25 July 2021
Updated: Nov 11, 2022
22 Jul 2021
There is a slightly higher number of homes scheduled to go under the hammer week-on-week across the combined capital cities with 2,153 auctions currently scheduled for this week. However with multiple states currently in lockdown, we will likely see this revise down. Last week, 2,097 capital city homes were auctioned, and one year ago 1,326 auctions took place.
Sydney is the only capital city set to see a lower volume of scheduled auctions over the week as the city battles with containing multiple COVID outbreaks resulting in an extended lockdown. Despite this, the city has maintained a considerable volume of auction activity, with over 600 homes proceeding to auction each week. There are 652 auctions currently scheduled this week across Sydney, down on the 769 held last week.
There are 1,087 Melbourne homes scheduled for auction this week, however with the city now in its 5th lockdown this will likely revise down. Last week, 967 auctions took place across the city and one year ago 594 auctions were held.
Auction volumes are set to increase across all of the smaller cities this week. The busiest of the smaller auction markets is Brisbane with 171 auctions scheduled. Adelaide is set to host 120 auctions this week, however with the announcement of a 7 day lockdown we may see this revise.
Summary of last week's results
Last week, despite multiple lockdowns across the nation auction volumes and the final auction clearance rate remained steady. There were 2,097 capital city homes taken to auction recording a final success rate of 73.7%. Last week’s clearance rate was on par with the previous week’s result when only 7 extra auctions were held. One year ago, 1,176 auctions took place with a final clearance rate of 53.1%.
Capital city auction statistics (Final) - week ending 18 July 2021
In Melbourne, 967 auctions were held across the city last week, down 19% from the initial predicted count as the city joined Sydney in lockdown. The final clearance rate last week came in at 71.5% and a withdrawal rate of 18% was recorded. Of the 683 sold results collected, 40% sold prior to the scheduled auction event. Over the previous week, a higher 1,076 auctions took place and a final success rate of 71.2% was achieved.
Weekly clearance rate, combined capital cities
Despite the extended lockdown across Sydney, auction volumes and clearance rates rose over the week. There were 769 auctions held, down 10% from the original predicted count, and of the 766 results collected a final clearance rate of 76.6% was recorded. This was an improvement on the 74.3% success rate recorded over the previous week when 650 auctions were held. A withdrawal rate of 17% was recorded last week which was lower than the previous week’s 18%. Of the 587 sold results, 57.9% sold prior to the auction event, which was also down on the 64.9% of sold priors recorded over the previous week.
Canberra recorded the highest final clearance rate of all the capital cities last week, with 83.9% of auctions successful, Adelaide followed closely with an 81.8% final clearance rate.