auction man
Image: Canva.
  • CoreLogic has recorded a 5.3% week-on-week increase for auction volumes
  • CoreLogic and SQM data show that volumes and clearance rates have been steadily increasing since winter
  • Brisbane and Adelaide have the strongest auction markets outside of Sydney and Melbourne

Data from CoreLogic has shown that combined capital city auction volumes have increased, with a 5.3% rise week-on-week.

The 1,920 auctions held are up from 1,923 last week and 1,453 at the same time last year.

Of the results CoreLogic has collected so far, 61.7% were successful, down from the previous week’s clearance rate of 62.3%, revised down to 59.4% at the final figures.

Weekly clearance rate, combined capital cities

weekly clearance rate
Source – CoreLogic.

The same time last year saw 73.7% of auctions successful.

CoreLogic reports that next week may be the busiest auction week nationally since late June, with over 2,200 auctions set to occur.

Sydney

According to CoreLogic, there were 702 auctions in Sydney this week, up by 1.9% compared to last week. So far, 60.6% have been successful, compared to 60% last week. This is, however, a far cry from the 82.3% clearance rate seen the same time last year. So far, withdrawals remain high, with 23.5% of the results collected so far reported as withdrawn.

SQM Research’s data for the most recent week is yet to be published, however, the clearance rate has been steady, just above 40%. Volumes have been rising too since last month. Do note that SQM and CoreLogic analyse data differently – SQM, for example, count withdrawn auctions in their overall clearance rates as unsuccessful auctions, while CoreLogic doesn’t.

Sydney

Melbourne

850 homes were taken to auction in Melbourne this week, according to CoreLogic, up from 9.4% compared to the previous week. So far, 63.2% have been successful. The final clearance rate last week, 62.7%, was the highest since the week ending 1st May. This time las year Melbourne was still in the midst of its sixth lockdown, with a clearance rate of just 55%.

Melbourne

For Melbourne, the clearance rate has been steadily increasing since July and is now edging closer to 50%

Other markets

Primary data shows the clearance rate in Adelaide was 77.8%, Brisbane 42.4%, Canberra (61.99%), and 50% for Perth.

Brisbane had the busiest auction market of these cities, with 126 homes taken to auction. Adelaide closely followed, with 125 auctions. 101 auctions were held in Canberra, with 15 in Perth and just one in Tasmania.



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