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Only two capital cities to see rise in activity this week

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Only two capital cities to see rise in activity this week

by Bianca Dabu 03 December 2020 1 minute read

With overall auction volumes down, Perth and Sydney stand as the only capital cities set to see a rise in activity over the week, according to CoreLogic.

Only two capital cities to see rise in activity this week
December 03, 2020

CoreLogic’s Auction Market Preview for the week ending 6 December 2020 found that there are 2,125 auctions scheduled to take place across the combined capital cities this week, down slightly from last week when 2,168 auctions were held.

This time last year, a considerably higher 2,912 homes were taken to auction over the same week.

In Melbourne, there are 884 homes set to go under the hammer this week, a slight decrease on last week’s 909 auctions held, and around 40 per cent below the levels seen last year.

Meanwhile, there are currently 913 homes set for auction in Sydney over the week, rising on last week’s 886 auctions held, although lower than the 976 homes taken to auction one year ago.

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Across the smaller auction markets, PerthPerth, TAS Perth, WA is the only city set to see a rise in activity over the week with 21 auctions set to take place, with scheduled volumes lower in Adelaide (-11.7 per cent), Brisbane (-21 per cent), Canberra (-6.1 per cent) and Tasmania (3 auctions).

Last week’s results

The combined capital city final auction clearance rate improved last week as volume rose.

There were 2,168 homes taken to auction last week, returning a final auction clearance rate of 70.6 per cent, rising on the 69.1 per cent final auction clearance rate over the week prior as volumes reached their highest level since the week ending 5 April.

Over the same week last year, a higher 3,206 properties were auctioned returning a final auction clearance rate of 73.6 per cent.

Last week also saw auction activity ramp up across Melbourne with 909 homes taken to auction across the city; the busiest week the city has seen since mid-April, up from 646 over the previous week, although substantially lower than the same week last year (1,533). The higher volumes returned a final clearance rate of 69.3 per cent, a slight drop on the 70 per cent achieved over the week prior and lower than the 74.8 per cent recorded one year ago.

In Sydney, there were 886 homes auctioned last week, increasing on the 805 the previous week, although lower than this time last year (1,221). The higher volumes saw the final clearance rate strengthen with 72.5 per cent of homes selling, up on the 71.6 per cent recorded over the prior week, although lower than one year ago (78.1 per cent).

The smaller markets returned some all-round strong results last week, with both Perth and Brisbane recording their highest clearance rates of the year.

Perth was the best-performing with 78.9 per cent of homes selling at auction, followed by Canberra (73.9 per cent), Adelaide (73.9 per cent) and Brisbane (61.8 per cent). It’s important to note, volumes are considerably lower across the smaller cities.

Only two capital cities to see rise in activity this week
Only two capital cities to see rise in activity this week
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Bianca Dabu

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