New data has predicted the volume of auctions set to take place across Australia’s capital cities for the week concluding 20 September, with Melbourne set to see similar figures to the traditionally quiet early January period.
According to CoreLogic’s Auction Market Preview, for the week ending 20 September, there are 968 auctions set to take place across the combined capital cities, up from the 816 same time last week.
This time last year saw 1,983 homes taken to auction across the combined capital cities.
“Melbourne auction volumes remain at levels usually only seen over the seasonally quiet early January period with just 14 auctions on the radar this week, compared to 13 last week. Over the same week last year, 1,020 auctions were held across the city,” CoreLogic said.
“There are 726 Sydney homes scheduled for auction this week, increasing on both last week when 600 Sydney homes were taken to auction, and one year ago, when 646 auctions were held across the city.
“Across the smaller auction markets, Canberra is set to hold the most auctions this week (74), followed closely by Adelaide (73). Brisbane is expecting to host 66 auctions, while has 13 auctions on the radar. Once again, Tasmania is set to see just two properties up for auction.”
A summary of last week’s results show the final clearance rate came in at 63 per cent across the combined capitals. This marked the highest final clearance rate recording since the week ending 15 March, at 65.3 per cent.
“In Melbourne, the final auction clearance rate was recorded at 25.0 per cent last week, down from 32.1 per cent over the previous week. Auction activity remains extremely low, with just 13 homes scheduled for auction across the city, down from 28 over the previous week,” CoreLogic said.
“Results were collected for 12 of the 13 Melbourne auctions last week, with three-quarters reported as withdrawn, skewing the clearance rate lower. Of the successful results, all three were sold prior to auction. Over the same week last year, 826 homes were taken to auction across the city.
“Sydney saw 600 homes taken to auction last week, similar to the 608 over the previous week, although slightly higher than this time last year (585). All but two results were collected last week, returning a final clearance rate of 65.9 per cent, up from 62.3 per cent over the previous week, although lower than this time last year (76.0 per cent).
“Canberra was the best-performing across the smaller cities, with a final clearance rate of 87.3 per cent across 55 auctions.”