Auction volumes highest since mid-April

There are 561 Sydney homes scheduled for auction this week, up on the 398 held last week.

Meanwhile, it’s expected Melbourne will see 467 homes fall under the hammer, followed by 52 in Brisbane, 48 in Adelaide, 37 in Canberra and 14 in Perth.

“While volumes are expected to be the highest we’ve seen since mid-April, auction activity remains lower than what we would usually see, with 1,505 auctions held over the same week one year ago,” CoreLogic noted.

In terms of results for the week prior, there were 711 capital city homes scheduled for auction last week, returning a final auction clearance rate of 56.2 per cent.

“The rate of withdrawn auctions has normalised somewhat over the last few weeks,” CoreLogic said, with 12 per cent of the results that week reported as being withdrawn. This, it said, is significantly lower than the 50-60 per cent a few weeks ago.

“In Melbourne, a final auction clearance rate of 60.1 per cent was recorded across 195 auctions last week, lower than the 65.1 per cent success rate across a higher 261 auctions the previous week. Only 5 per cent of results last week were withdrawn properties, and of the 98 sold results, 40.8 per cent sold prior to auction,” CoreLogic added.

“Sydney’s final clearance rate fell below 60 per cent last week, after four consecutive weeks around the mid 60 per cent mark. There were 398 Sydney homes scheduled for auction last week, lower than the previous week’s 452 when a 63.9 per cent success rate was recorded.

“Canberra was the best-performing across the smaller cities, with 66.7 per cent of auctions successful. While only 33.3 per cent of Brisbane homes sold last week, making it the lowest final result across the capital city markets.”