National Auction Market Preview - 27 March 2022March 28 2022
"Australia's property market is shaping up to be another busy year for city dwellers." - Marco Zande, Strategy Executive.
Auction activity is up across the board, with 3,446 capital city homes scheduled for auction this week, overtaking the week ending 27th February (3,386) as the busiest auction week of the year to date. Compared to the previous week, when 3,108 auctions occurred, this week’s auction activity is up 10.9% but is down -10.3% compared to the number of auctions held this time last year (3,840). Auction volumes typically build throughout the first part of the year, peaking the week prior to Easter. While this week’s auction activity is down compared to this week last year, last year's results aligned with the Easter peak. It is likely capital city auction volumes will continue to rise as the Easter break approaches.
Auctions this week
With 1,621 homes set for auction, Melbourne is set for its busiest auction week of the year, overtaking 4 weeks prior, when 1,574 auctions occurred. Melbourne’s auction activity is up 6.3% compared to last week (1,525) but down 16.0% compared to this time last year.
Across Sydney, 1,172 auctions are set to occur, up 13.9% compared to the week prior (1,029). This week overtakes the week prior as the second busiest of the year, behind the week ending 27 February (1,202). Auction activity is down 16.9% compared to this time last year when 1,410 auctions were held.
Brisbane is set to host the most auctions across the smaller capitals, with 245 homes set to go under the hammer this week, up 28.9% compared to both the previous week and this time last year, making it the busiest auction week of the year so far. This is followed by Adelaide with 227 auctions, up 15.2% and 47.7% respectively, and Canberra (161) up 8.1% and 32.0% respectively. Perth is set to host 19 auctions, while one auction is scheduled to occur in Tasmania.
Summary of last week's results
Auction activity was up 51.3% last week, following subdued volumes the week prior, caused in part, by long weekends across four of the eight states and territories. Up more than 1,000 from the week prior, last week was the second busiest week of the year to date across Sydney, Melbourne and the combined capitals. 3,108 capital city homes went to auction last week, 66.9% of which recorded a successful result. The combined capital’s clearance rate fell for the fifth consecutive week, down 2 percentage points from the week prior (68.9%). This time last year 80.9% of the 2,710 auctions held recorded a successful result.
Capital city auction statistics (Final)- w/e 20 March 2022
Melbourne hosted the most auctions last week, with 1,525 auctions held across the city. Auction activity was up 150.8% compared to the week prior (608) and up 15.4% compared to this time last year (1,322). The previous week's low auction volumes were thanks in part to Victoria’s Labour Day long weekend. Melbourne’s clearance rates fell, from 68.6% the previous week, to 65.9% last week. This time last year, 78.8% of auctions held were successful.
Weekly clearance rate, combined capital cities
Last week overtook the week ending 20th February (1,021) as Sydney’s second busiest auction week of the year to date, with 1,029 auctions held across the city. Auction activity was up 2.1% compared to the week prior (1,008) and up 0.4% compared to this time last year (1,025). Sydney’s clearance rate fell for the third week in a row, with 64.8% of auctions recording a successful result. 67.1% of auctions held the previous week were successful, while a clearance rate of 85.0% was recorded this time last year.
Across the smaller capitals, auction activity was up 26.5% last week compared to the week prior and up 52.6% compared to this time last year. Adelaide recorded its highest clearance rate of the year, with 82.7% of the 197 auctions held recording a successful result. Canberra and Brisbane’s clearance rates fell from 82.1% to 79.2% and 66.3% to 62.4% respectively. Eight of the eighteen auctions held in Perth were successful while no auctions were held in Tasmania.
Source: Core Logic
Ezzy, K. (2022, March 23). National auction market preview - 27 March 2022. CoreLogic | Property Data Reports & Analytics Online - Sydney, Melbourne, Brisbane, Perth, Adelaide, Darwin, Canberra & Hobart. https://www.corelogic.com.au/news/national-auction-market-preview-27-march-2022