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Melbourne to see record-low auction volumes this weekend

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1 minute read

Melbourne to see record-low auction volumes this weekend

by Emma Ryan 10 September 2020 1 minute read

The number of homes on track to go under the hammer in Melbourne is set to reach a record low this week, new research has found.

Melbourne to see record-low auction volumes this weekend
September 10, 2020

According to CoreLogic’s Auction Market Preview, the week ending 13 September is expected to see 870 homes across the combined capital cities. Last week saw 866 auctions held, while the same time last year saw 1,639.

Unsurprisingly, Sydney is on track to claim the top spot, with 653 homes scheduled for auction this week. This is up from the 608 last week and higher than the same time last year when 585 were held.

“Sydney has consistently tracked higher than a year ago since mid-June,” CoreLogic noted. 

Meanwhile, Melbourne, which remains in stage 4 lockdown, is expected to see just 13 auctions this week, down from 28 the week prior. This time last year saw 826 homes go under the hammer. 

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“This is a record low for Melbourne’s auction market outside of the seasonally quiet early January period,” CoreLogic noted. 

The researcher added: “Across the smaller auction markets, Brisbane is set to hold the most auctions this week (83), while Adelaide and Canberra are expecting to host 54 auctions each.”

“There are 11 auctions scheduled for PerthPerth, TAS Perth, WA this week, while Tasmania is set to see just two properties up for auction.”

CoreLogic’s summary of last week’s results has confirmed that the final clearance rate came in at 60.5 per cent across the combined capital cities, increasing from 59.8 per cent over the previous week although lower than this time last year (72.3 per cent).

“In Melbourne, the final auction clearance rate was 32.1 per cent last week, down from 40.6 per cent over the previous week. Auction activity was extremely low, with just 28 homes scheduled for auction across the city, down from 162 over the previous week. Results were collected for all 28 Melbourne auctions last week, with two-thirds reported as withdrawn, skewing the clearance rate lower. Of the successful results, all but two were sold prior to auction. Over the same week last year, 765 homes were taken to auction across the city.

“Sydney saw 608 homes taken to auction last week, down from 706 over the previous week, although higher than this time last year (528). All results were collected last week, returning a final clearance rate of 62.3 per cent, down from 64.2 per cent over the previous week and 75.7 per cent this time last year.

“Canberra was the best-performing across the smaller cities, with a final clearance rate of 76.6 per cent across 77 auctions.”

Melbourne to see record-low auction volumes this weekend
Melbourne to see record-low auction volumes this weekend
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About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of content at Momentum Media.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]Read more

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