The combined capital city clearance rate was recorded at 80.0 per cent over the March 2021 quarter, increasing from 69.4 per cent over the December quarter and 62.5 per cent over the March 2020 quarter.
Looking at auction volumes, there were 19,004 homes taken to auction across the combined capital cities over the three months to March 2021, compared to 20,489 over the December quarter, and 18,902 this time last year.
There were 9,065 homes taken to auction in Melbourne over the March quarter, and of the 9,027 results collected, 77.5 per cent were successful.
In comparison, Sydney saw 7,043 auctions held across the city and of the 7,004 auction results collected, 84.5 per cent were sold.
Across the smaller auction markets, Canberra was the best performing in terms of clearance rates, with 85.4 per cent of reported auctions selling.
If we take a look at our weekly auction figures, the weekly auction clearance rate across the combined capitals has been at or above 80 per cent just five times since 2008, and four of those were in March 2021.
The week ending 28th March 2021 recorded the highest auction clearance rate on record (83.1 per cent), while also being the busiest week for auctions since late March 2018.
In comparison, the same week last year saw just 37.3 per cent of homes sell as COVID restrictions hit and withdrawal rates surged, with a staggering 50.2 per cent of auction results reported as withdrawn that week, which weighed heavily on the clearance rate.
Capital city & major regional markets
Weekly clearance rate and volume of auctions, combined capital cities
Quarterly summary, regional
Capital city key statistics
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.