With over 1,500 homes scheduled to go under the hammer, the combined capital city auction market is set to see its busiest week since early April, new CoreLogic data found.
CoreLogic Auction Market Preview for the week ending 25 October 2020 showed that there are 1,501 capital city homes scheduled to go under the hammer, a rise of 33 per cent in weekly activity. However, it is considerably lower than the 2,622 auctions held over the same week last year.
Of the major capital cities, Melbourne is expected to see the most significant rise in volumes, with 178 per cent more homes scheduled for auction week-on-week. The 520 scheduled auctions are the largest number of auctions tracked over a grand final weekend since CoreLogic commenced auction reporting.
Historically, less than 150 auctions take place over the grand final weekend, with the exception of 2010 when a grand final draw resulted in a replay over a second weekend.
Meanwhile, other capital cities are also expected to see a rise in scheduled volumes, with Sydney following Melbourne at 742 homes, up on the 704 last week but lower than the 771 last year.
Across the smaller auction markets, Canberra is expected to hold the most auctions this week (96), followed by Brisbane (68) and Adelaide (61). Meanwhile, has 12 auctions scheduled and Tasmania only has two.
There were 1,131 capital city homes taken to auction last week, up on the 1,084 auctions held over the week prior. The higher volumes returned a relatively stable final clearance rate, with 66.2 per cent of homes selling, from 66.4 per cent over the previous week. This was lower than the 72.1 per cent success rate achieved across a higher 1,955 auctions held over the same week a year prior.
Melbourne’s clearance rate strengthened against higher volumes last week. There were 187 auctions held across the city, returning a final auction clearance rate of 60.2 per cent. The week prior saw 59 auctions held and a success rate of 58.6 per cent. One year ago, a much higher 915 Melbourne homes were auctioned returning a success rate of 73.3 per cent.
In Sydney, there were 704 homes auctioned last week, returning a final auction clearance rate of 69.1 per cent, an improvement on the 67.2 per cent clearance over the week prior when volumes were higher (751). Over the same week last year, a higher 727 auctions took place across Sydney, with a success rate of 79.2 per cent.
Across the smaller cities, Canberra returned a final clearance rate over 80 per cent for the third consecutive week, with 82 per cent of the 61 auctions successful. Adelaide was the next best performer with a 62.3 per cent final clearance rate, followed by Perth (53.8 per cent) and Brisbane (48.6 per cent).