Auction activity rises – but are clearance rates following suit?
It’s been the busiest week for auctions since the Easter long weekend, with 2,847 homes going under the hammer represe...
More than 3,500 homes went under the hammer across Australia’s capital cities as October drew to a close.
In total, 3,524 properties went up for auction over the week ending 31 October, overtaking the previous week’s total of 3,019 auctions and nabbing the title as the second-busiest week for auctions across 2021.
It compares to the 1,747 homes that were up for grabs via auction over the same period in 2020 when a clearance rate of 71 per cent was recorded.
With 2,970 results collected so far in CoreLogic’s preliminary auction report, the research house is reporting a preliminary clearance rate of 78.9 per cent, which sits in line with the previous week’s final clearance rate.
Melbourne was again, and by far, the busiest spot for auctions.
A total of 1,739 homes were taken to auction over the week ending 31 October, marking the second-busiest week for auctions in the city so far in 2021 and the third-busiest week since March 2018.
It was higher than the 1,467 auctions reported a week prior and a far cry from the 606 auctions that took place over the same week in 2020.
So far, the city is reporting a preliminary clearance rate of 77.4 per cent, slightly lower than the 77.8 per cent clearance rate reported in the previous week.
Sydney also saw an increase in auctions.
All-in-all, the city saw 1,144 homes taken to auction, a boost from the 974 reported in the week ending 24 October and higher than the 854 auctions that took place over the same period in 2020.
CoreLogic has reported a preliminary clearance rate of 79.3 per cent for the city after it reported a final clearance rate of 78.5 per cent of last week’s lower volume.
Across all capital cities, it was Canberra that reported the highest preliminary clearance rate – up over 90 per cent at 90.3.
Adelaide is recording a preliminary clearance rate of 86.5 per cent, while Brisbane reported 76.8 per cent success, and ’s preliminary figures suggest the city saw less than one in two properties find auction success, with a clearance rate of just 46.2 per cent.