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“The large revision last week was partly due to a spike in withdrawn auctions while the city was in lockdown, with 25.3 per cent of reported auctions returning a withdrawn result. So far this week, just 6.4 per cent of reported auction results were withdrawn across the city.”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