- 3,162 auctions were anticipated last week, before the snap Melbourne lockdown
- In the end, 2,930 were held (-7%) according to CoreLogic
- Preliminary clearance rate was 75.7%, based on the first 2,460 results collected
Last week, we were all set for a near-record week of auction activity across the capital cities, with CoreLogic counting 3,162 queued up for action.
This would have been the second-largest week on record so far in 2021, but all bets were off once the 7-day Melbourne lockdown was called late in the week.
As it happened though, many of the 1,451 Victorian auctions simply went online, or were sold prior, meaning that a total of 1,264 auctions eventuated, 190 less than earlier anticipated (-15%).
This brought the total number of city auctions across the country’s capital cities to 2,930. Melbourne was still the busiest city, with 1,177 being held in Sydney, 192 in Brisbane and 163 in Adelaide.
Capital City Auction Statistics (Preliminary), CoreLogic*
Meanwhile, the Real Estate Institute of Victoria (REIV) reported a total of 736 auctions with a 93% clearance rate. REIV’s numbers will always be a smaller subset as they only count REIV members.
Of the 686 sold, as reported by REIV members, 376 were sold at auction, another 309 were sold prior, and one sold after the auction. 324 were postponed, and 198 withdrawn. 50 were passed in.
And the 2,930 number is still the third-highest for the year, showing that not even a major city lockdown can arrest the thirst for properties right now.
With 84% of the results already in, CoreLogic has calculated their preliminary auction clearance rate at 75.7% successful, still a very high number.
Last week’s preliminary rate was 78.2%, which was finally revised down to 75.6%, so we’d expect the eventual clearance rate for this week to be down a couple of per cents.
SQM Research data does not yet show the clearance rate for last week, as that usually comes out on a Tuesday afternoon. However, the trend is clear, with auctions successfully transacting properties for the better part of 2021 so far, and ever since November 2020.
* Note: A minimum sample size of 10 results is required to report a clearance rate, for CoreLogic calculations.