Over 2000 homes taken to auction. Image: Canva
  • Across Australia's capital cities over 2,000 homes were taken to auction last week
  • Preliminary results are showing an 84.4% success rate
  • Melbourne made up around half of the statistics with 1,061 homes taken to auction

A total of 2,094 homes were taken to auction in the week ending 21 February according to CoreLogic‘s latest Property Market Indicator Summary.

This number is up by 598 from the previous week.

Capital City Preliminary Auction Statistic (Please note: A minimum sample size of 10 results is required to report a clearance rate) Source: CoreLogic

Preliminary results are showing an 84.4% success rate across the capitals for the week. This is is down from last week which had a preliminary auction clearance rate of 86.1%, then revised down to 77.1%.

The same week in 2020 saw 2,517 homes taken to clearance with a 72.2% success rate reported by CoreLogic.

Weekly Clearance Rate, Combined Capital Cities. Source: CoreLogic

Melbourne led the pack with 1,061 homes taken to auction of which preliminary results show 82.2% are successful.

This is up from the 635 homes of the previous week which showed a preliminary clearance rate of 87.8%. This came in at 70.6% in the final figures. At the same time last year, Melbourne had a higher auction rate with 1,248 homes taken to auction.

The weekly clearance rates in Melbourne. Source: CoreLogic

Caitlin Fono from Core Logic explains the large deviation in Melbourne’s final figures for last week.

“The large revision last week was partly due to a spike in withdrawn auctions while the city was in lockdown, with 25.3 per cent of reported auctions returning a withdrawn result. So far this week, just 6.4 per cent of reported auction results were withdrawn across the city.”

Sydney took silver place with 769 homes taken to auction this week, up from 625 the previous week but down from 963 this time last year.

The preliminary clearance rate was 88.2%. This is up from the previous week’s preliminary clearance rate of 87.5% which was revised down to 83.9% at final figures. At the same time last year, Sydney’s success rate was at 74.5%.

“It is likely that Sydney’s final auction clearance rate will come in above 80.0 per cent for the third consecutive week. “

This coming week is tracking higher as CoreLogic tracks close to 2,500 auctions to be held across the capital cities.

City’s sub-regions and regional results. Source: CoreLogic


You May Also Like

‘Plenty of buyer interest’ as auction clearance rates hold above 70%

Auction clearance rates have been drifting lower, but there are still plenty of eager buyers buoyed by rising prices.

Auction activity and clearance rates on the rise

Auction activity is on the rise with clearance rates, registered bidders and attendances starting to increase along the east coast.

Clearance rates high but sellers still playing the waiting game: Domain

The expected monthly lift in auction volumes and clearance rates, after a lull in January, occurred in all capitals.

Saturday no longer best auction day

A weekday may be the best time to host an auction, suggests Justin Nickerson

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Thinking of borrowing for a new home? We decode the home loan lingo and explore ...

We take a look at everything from principal and interest to rates and more.

A window of opportunity could be open for savvy Australian property investors, but time is ...

One expert has noticed investors are on the move while there's less competition and fewer buyers in the marketplace.