Powered by MOMENTUM MEDIA

2nd biggest week for auctions in 2021

By Reporter 26 October 2021 | 1 minute read

The second last week of October has seen the second busiest period for auctions so far in 2021.

2nd biggest week for auctions in 2021

The latest data from CoreLogic has shown that 3,033 homes went under the hammer over the week ending 24 October 2021.

It’s up from the 2,940 homes taken to auction the week prior and more than double the amount of properties that were up for grabs over the same period in 2020.

With 2,533 results collected so far, CoreLogic’s Caitlin Fono has reported a preliminary clearance rate of 81 per cent. Last week’s final clearance rate was 78.3 per cent off the back of a slightly lower volume.

Melbourne’s retreat from lockdown paved the way for a higher number of auctions, hosting 1,474 homes under the hammer – almost half of all total auctions reported.

Advertisement
Advertisement

It is the third busiest week for auctions that the Victorian capital has recorded in 2021 and comes after the city reported 1,493 auctions just last week.

Of the 1,255 results reported so far, more than four in five were successful – a preliminary clearance rate of 80.1 per cent, off the back of a final clearance rate of 74.9 per cent for the week ending 17 October.

Sydney saw 973 homes taken to auction over the week. That’s 57 more properties than went under the hammer in the week previously.

With 856 results already collected, CoreLogic has reported a preliminary clearance rate of 80.8 per cent.

According to Ms Fono, once final results are collected, there is a chance we will see Sydney’s final auction clearance rate drop below 80 per cent for the first time since the week ending 22 August.

Across the smaller markets, Adelaide came out on top.

The city of churches reported a preliminary clearance rate of 90.5 per cent, with a total of 207 auctions having taken place.

Canberra recorded an 87.2 per cent preliminary clearance rate of 87.2 per cent from an auction volume of 126 properties.

Up in Brisbane, 228 homes went under the hammer, reporting a preliminary clearance rate of 80.2 per cent, while just 23 properties were taken to auction in PerthPerth, TAS Perth, WA, returning a preliminary clearance rate of 42.9 per cent.

Of the two auctions that went ahead in Tasmania, no results have yet been received.

RELATED TERMS

Real estate

Real estate is a type of real property that refers to any land and its permanent improvement or structures that come with it, whether natural or man-made.



2nd biggest week for auctions in 2021
2nd biggest week for auctions in 2021
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.