After the trend is lower for three consecutive weeks, the auction activity rose a little this week, with 1,667 houses taken to auction throughout the joint city of the city. While up 2.4% compared to the previous week (1,628), this week’s auction activity was -20.5% below the number of auctions that were seen this time last year (2,097). After recording a small increase last week, the initial permit rate this week fell 2.2 percentage points, with 56.4% of 1,285 results collected so far to return successful results. Last week, the initial level of 58.6% was collected, then revised to 55.1% at the final figure, while this week last year 73.7% of the auction held reported successful results. This week marks the sixth week in a row where the preliminary level of Capital Capital Capital has been held below 60%.
With 656 houses auctioned throughout the city, Melbourne maintains its position as the busiest auction market for the second week in a row. Last week 627 houses went under Palu, while 967 auction was held in Melbourne this time last year. With 538 results collected so far, Melbourne’s initial permit rate of 55.4% dropped 3.8 percentage points from the previous week, when 59.4% auction was successful (then revised to 55.7% at the final figure). This time last year, Melbourne auction (967) and permit level (71.5%) were supported by a short pause in Covid locking, as well as profitable market conditions.
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There were 639 houses auctioned in Sydney this week, up 5.6% compared to the previous week (605), but -16.9% below the number of auctions held this time last year (769). Of the 506 results collected so far, 56.9% returned successful results, while 25.9% were withdrawn from the auction. The previous week saw the initial permit level of 57.5% (then revised to 53.1% at the final figure) and the withdrawal rate of 24.7% was recorded. While this week’s results rose compared to the lowest new recorded two weeks (initial level of 52.5%and the final level of 49.9%), the results this week were far below the permit level recorded this time last year (76.6%) .
Adelaide recorded the strongest initial permit level, with 69.7%auction holding a successful recording of results, followed by Canberra (64.5%) and Brisbane (44.8%). The initial permit level rose at Adelaide (up 1.1 percentage points) and Brisbane (1.2 higher percentage points) but dropped in Canberra (down -4.1 percentage points). Brisbane held 155 auctions, followed by Adelaide (124) and Canberra (84). With results for seven of the nine auctions held at Perth collected so far, only one returned successful results. There was no auction held in Tasmania this week.