FOMO to see biggest auction week of the year

This is a similar result to the week prior, which saw 2,590 auctions held, delivering a final clearance rate of 70.1 per cent.

However, CoreLogic said that next week it anticipates auction numbers to lift by around 14 per cent, to be the biggest week of auctions held so far this year.

“Clearance rates across the largest cities have mostly remained above 70 per cent since July, implying that vendors remain in a strong selling position,” CoreLogic said.

“With advertised supply remaining low and buyer demand rising, FOMO is once again becoming a factor in the market as buyers sense some urgency to buy before prices rise further.

“With auction volumes set to rise, it will be important to see whether clearance rates can hold up under the increased level of supply being brought to market over the coming weeks.”

The week ending 24 November saw 1,217 auctions recorded in Melbourne, and a preliminary auction clearance rate of 73.2 per cent.

“Last week, there were 1,242 auctions returning a final clearance rate of 74.3 per cent. One year ago, the clearance rate was just 41.4 per cent across 1,132 auctions,” CoreLogic said, commenting on the Melbourne market.

“There were 934 auctions held in Sydney this week, returning a preliminary clearance rate of 82.3 per cent. In comparison, there were 947 auctions held over the previous week and the final auction clearance rate was 71.9 per cent.

“One year ago, 1,035 auctions were held and the clearance rate came in at 44.8 per cent. Over the next few weeks, we will see the depth of buyer demand tested, with an increase in the number of properties taken to auction.”