- Clearance rates appear to be nearing the same levels seen earlier this year
- Most capital cities have been holding above recent monthly averages
- A slight dip in volumes recorded, according to both Domain and CoreLogic
The data shows most capital cities including Sydney, Melbourne, Brisbane and Adelaide are currently holding above recent monthly averages.
Notably, 82% of reported auctions in Adelaide have found a buyer – the highest clearance rate for any of the capital cities.
The two major auction markets, Sydney and Melbourne, continue to hold their ground with 79% of reported auctions in Melbourne sold on 15 May, meaning results have been above 76% for the last three weeks.
Sydney’s 83% auction clearance rate means the results have been holding above 76% for the last three weeks, while Brisbane’s was 66% last week.
Domain’s Senior Research Analyst, Dr Nicola Powell, says she is confident of the strength of the market despite changes in volumes.
“There are clear signs of strength in most capitals, with clearance rates last weekend in Sydney, Melbourne, Brisbane and Adelaide holding above their previous monthly averages. Auction volumes may have declined compared to last weekend, but it remains one of the busiest in 2021,” she said.
“Buyers will still find auction conditions to be heated although competition may start to ease compared to the fiercely competitive bidding and results seen earlier in the year. Prospective sellers are being encouraged to market by record price expectations which will help to appease demand.”
Dr Nicola Powell, Domain Senior Research Analyst
In terms of auctions scheduled this weekend, Sydney has 928, Melbourne 1,097, Brisbane 76, Adelaide 103 and Canberra 84.
CoreLogic shows a higher number of auctions scheduled this week compared to Domain but notably shows Melbourne has more homes set for auction this week compared to Sydney – 1,263 to 1,170.
To put the overall number in perspective, this same week last year only saw 127 auctions take place across Melbourne – primarily due to pandemic-induced restrictions.
According to CoreLogic, Melbourne accounts for 44% of overall auction activity this week.
Like Domain, CoreLogic expects activity to remain steady across the combined capital cities with only 26 fewer homes set for auction.