Scheduled auction volumes are expected to surge above 2,000 for the first time since April, CoreLogic has found.
CoreLogic’s Auction Market Preview for the week ending 29 November 2020 revealed that 2,201 capital city homes are scheduled to go under the hammer.
Final results from the previous week saw 1,803 properties taken to auction across the combined capital cities, and one year ago a significantly higher 3,206 auctions were held.
Melbourne is expected to see a considerable rise in activity this week, with 899 homes scheduled for auction. This week’s scheduled volumes are set to surpass last week’s 646 auctions, as the busiest week the city has seen since April. However, volumes remain lower than one year ago, with 1,533 held over the same week in 2019.
In Sydney, 929 homes are scheduled for auction over the week, with the city also expecting its busiest week since April, increasing on the 805 auctions held last week, although lower than the 1,221 held one year ago.
Across the smaller auction markets, scheduled volumes are higher over the week in Adelaide at 113 homes, while Brisbane, Canberra, and Tasmania have fewer scheduled auctions over the week at 128, 4, 113, and 15 homes, respectively, after a brief lockdown period last week.
In the previous week, the combined capital city final auction clearance rate fell as volumes rose, according to CoreLogic.
There were 1,803 homes taken to auction over the past week, recording a final auction clearance rate of 69.1 per cent.
In comparison, the week prior saw a lower 1,728 auctions held with a higher 70.6 per cent final clearance rate. One year ago, a higher 2,612 homes were taken to auction when 68.5 per cent cleared.
In Melbourne, 646 homes were scheduled for auction last week, the busiest week the city has seen since April. The higher volumes returned a final auction clearance rate of 70 per cent, higher than the 69.7 per cent success rate over the week prior when a lower 604 auctions took place. One year ago, 1,221 Melbourne homes were auctioned with 70.1 per cent successful.
Meanwhile, Sydney saw the final auction clearance rate remain relatively steady as volumes fell slightly. There were 805 homes taken to auction, returning a final auction clearance rate of 71.6 per cent. The week prior saw 840 auctions take place and a final clearance rate of 71.3 per cent. One year ago, 940 Sydney homes were auctioned with a higher final clearance rate (76 per cent).
Canberra, a consistent best performer of the smaller capital cities, returned the highest clearance rate of 79.3 per cent last week.
Brisbane followed with 57.6 per cent of homes selling, overtaking the usual second-highest performing region for auctions Adelaide as the city entered a three-day lockdown last week. As a result, the city returned a lower final clearance rate of 48.9 per cent over the week with a withdrawal rate of 41 per cent.