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National Auction Market Preview – 26 July

Upcoming auctions

There are 1,392 homes scheduled for auction across the combined capital cities this week, increasing on the 1,176 auctions last week and higher than the 1,124 last year.

Sydney and Melbourne were both expected to see a rise in the number of homes auctioned this week, however given Melbourne’s restrictions, a large portion of these are likely to be withdrawn, as we’ve seen over the past few weeks. 

In Sydney, 642 auctions are scheduled across the city, a 25% rise on last week’s volumes (515) and also higher than scheduled volumes from one year ago (394).

There are 558 Melbourne homes scheduled for auction this week, an expected rise of 11.6% on last week’s volumes (500), which saw a large number withdrawn (209); a trend that is likely to persist through the lockdown period.

Across the smaller cities, scheduled volumes are set to be higher across all cities but Perth. 

Summary of last week’s results

Last week saw the final weighted clearance rate drop to 53.1% as withdrawal rates across Melbourne weighed down the overall success rate. There were 1,176 homes scheduled for auction last week, down slightly on the 1,269 auctions the week prior when a higher 56.2% cleared.

In Melbourne, 500 homes were scheduled for auction last week, however less than 50% of these returned a successful result as the city adjusts to its second round of lockdown. Of the 498 results, 42% reported a withdrawn result. Of the 218 sold results collected, 51.8% reportedly sold prior to the scheduled auction date. 

Sydney returned a final auction clearance rate of 61.4% across a lower volume of auctions last week (515).  This was a relatively steady week on week result in terms of clearance rate with the week prior recording a 61.8% success rate across 566 auctions. One year ago, a much higher 75.7% of auctions were successful, however volumes were lower (394).

Canberra was the best performing capital city last week, with 88.6% of homes selling at auction. Although the capital city accounts for a much smaller portion of auctions compared to our larger cities with 35 auctions.

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