Property market update: Melbourne, September 2021
Melbourne’s property market kept the ball rolling in September as the city’s dwelling values rose once more during t...
Scheduled auctions are swelling across the capital cities, with Sydney and Melbourne leading the charge.
This week is expected to be the second busiest week for auctions in 2021, with total homes scheduled for auction across the capitals numbering 3,087, CoreLogic data revealed.
Overall, capital city auction volumes are up 6.4 per cent week-on-week in the week ending 9 May, and six times above last year’s volumes.
Melbourne currently has 1,387 homes scheduled for auction, rising from last week’s 1,310 and last year’s 163; while 1,232 auctions are set to take place in Sydney, up from 1,119 in the week ending 2 May and last year’s slim 216.
Brisbane and Adelaide are next with 199 and 146 scheduled auctions, while Canberra, and Tasmania are reporting lower volumes at 95, 26 and two, respectively.
Last week’s results
CoreLogic recorded higher final auction clearance rates during the week ended 2 May as volumes increased across most capital cities.
Of the 2,902 homes taken to auction across the capitals, 77.7 per cent returned a successful result – up from the previous week’s 77.2 per cent and last year’s 47.5 per cent.
Canberra recorded the highest final clearance rate at 90.8 per cent out of a total 120 auctions, followed closely by Perth with 90.5 per cent out of 21 auctions. Adelaide came in third with an 81.9 per cent clearance rate out of 200 auctions.
Sydney and Melbourne followed, with final success rates of 80.2 per cent and 75.1 per cent, respectively.
Of the capital cities, Brisbane recorded the lowest final clearance rate at 61.1 per cent.
Capital refers to the financial resources that are available to be used for income generation.