Auction Clearance
Auctions continue to clear during persistent lockdowns. Image – Canva
  • Of 1,419 results collected so far, 74.6% were successful (preliminary data)
  • Sydney auctions continue to fire, with Melbourne showing signs of rebounding
  • Adelaide and Perth had exceptionally strong auction weeks

After plunging as low as 16.6% three weeks ago – the lowest in a year – the auction clearance for Melbourne bounced back to 33.5%, up from 30.7% last week, according to SQM Research.

CoreLogic, which calculates clearance rates in a different manner to SQM, recorded the Victorian capital auction rate at 56.4%, up from 54.5% last week, and its highest since mid-August.

Melbourne’s tough no property inspections lockdown had been blamed for the continued drag on auction results, but these restrictions have since been eased.

Meanwhile, Sydney’s clearance rate rose higher to 70.8%, up from 70.1% the week before and the highest rate since April, according to SQM. CoreLogic calculated the harbour city’s clearance rate at 82.3%.

Sydney

With the mid-October ‘Freedom Day’ in view, Sydney’s auction market continues to perform well.

According to SQM, Australia’s largest city saw auction clear around 70% for most of 2021, except for a period towards the beginning of the current extended lockdown in July when it dipped below 50%.

871 properties were taken to auction in Sydney last week according to SQM, a jump from 723 the week before, and the highest volume since mid-July.

Melbourne

In Melbourne, 580 properties were taken to auction last week according to SQM. This was well down from the 1,500 levels seen a month ago, but up slightly from 527 put under the hammer a week earlier.

Back in June and April, there were weeks when 1,800 or 1,900 properties or more were auctioned.

Elsewhere…

Adelaide recorded the highest auction rates for a major auction capital, with an 85.0% clearance rate last week on 216 auctions, although Perth had a 90% rate on just 18 auctions, according to CoreLogic.

Capital Cities auction results: week ending 19 Sept 2021

Auction CoreLogic 19 Sep 21
Source: CoreLogic
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