The number of homes expected to go under the hammer across the combined capital cities is expected to rise 24 per cent week-on-week.
CoreLogic’s Auction Market Preview shows that for the week ending 27 September, there are 1,136 capital city homes scheduled for auction. This is up 24 per cent from the week prior and comes as Sydney looks set to have its busiest week for auctions since early April, the researcher said.
“The past few weeks have seen Melbourne record the lowest levels of auction activity over a non-seasonal period since CoreLogic commenced auction reporting. While volumes this week are to remain at these same subdued levels, scheduled volumes are higher over the week with 62 Melbourne homes set to go to auction, up from a mere 11 auctions last week,” CoreLogic said.
“Meanwhile across Sydney, the city is set to host the busiest week for auctions since April with 843 homes scheduled for auction, rising on the 677 held last week.
“Across the smaller auction markets, Brisbane is expected to hold the most auctions this week (86), followed by Adelaide (71) and Canberra (63). Meanwhile, has 11 auctions scheduled this week and there are currently no auctions scheduled in Tasmania.”
CoreLogic’s summary of last week’s results shows a final auction clearance rate of 67.6 per cent was collected across 915 capital city auctions. This is an increase on the week prior where a final clearance rate of 63 per cent was recorded across 816 auctions.
“There were only 11 Melbourne homes taken to auction last week; as the city remains in a well-entrenched lockdown, of the 10 results collected seven homes sold or 70 per cent. Last week’s figures were an improvement on the three out of 12 homes sold at auction the week prior (25 per cent). One year ago, a significantly higher 1,020 Melbourne homes were auctioned returning a final clearance rate of 75.6 per cent,” CoreLogic said.
“Sydney returned a final auction clearance rate of 67.5 per cent last week as volumes rose across the city, with 677 homes taken to auction up from the 600 auctions the week prior when 65.9 per cent cleared. Over the same week last year, a lower 646 auctions took place across Sydney, with a success rate of 72.7 per cent.
“Across the smaller cities, Canberra was the standout performer for another week with a final auction clearance rate of 87.8 per cent, followed by Adelaide where 64.4 per cent of auctions were successful. While both Brisbane and Perth saw just above half of the auctions held return a sold result.”