Property news you need to know: The week ending 19 September
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Capital city auction activity is expected to rise over this weekend, with an increase in volumes on the back of strong activity in Melbourne and Perth, new data has revealed.
The latest figures from CoreLogic showed that 1,860 auctions are scheduled across the combined capital cities in the week ending 8 August, up on last week’s final figure of 1,761.
According to research analyst Jade Harling, the rise was especially pronounced in Melbourne and , while the remaining capital cities recorded a lower number of scheduled auctions week-on-week.
Of the capital cities, Melbourne claims top spot, with the highest number of homes set to go under the hammer at 840, up from the 656 auctions held last week.
Sydney followed with 620 homes scheduled to go under the hammer amid the city’s prolonged lockdown.
Although down from last week’s 671, Ms Harling explained that the NSW capital continues to show a resilient auction market, with volumes remaining relatively steady throughout the lockdown to date.
Meanwhile, of the smaller auction markets, Perth is set to experience a slight lift in volumes, rising to 20 from last week’s 16.
But Brisbane is still expected to be the busiest of the smaller auction markets, with 171 scheduled auctions – although a large portion of this could be postponed as the current lockdown is extended to Sunday.
Canberra followed with 113 homes scheduled to go under the hammer, and Adelaide with 94.
Last week’s results
The combined capital city final auction clearance rate improved on the week ending 1 August, as auction numbers slightly increased.
CoreLogic revealed a final auction clearance rate of 77.2 per cent out of 1,761 auctions over the week – increasing by 4.2 per cent from last week’s 73 per cent when a lower 1,728 auctions were held.
Canberra was once again the most successful capital city auction market, with the highest final clearance rate of 86.6 per cent resulting from 119 auctions.
Adelaide followed with 83.8 per cent out of 118 auctions, and Melbourne with 77.2 per cent out of 656 auctions.
Meanwhile, Sydney recorded a clearance rate of 76.1 per cent out of 671 auctions, followed by Brisbane with 72.3 per cent out of 178 auctions, and Perth with 56.3 per cent out of 16 auctions.
Of the capital cities, only Adelaide, Sydney, Melbourne and Brisbane saw their clearance rates increase week-on-week.