Weekly auction volumes are set to rise across the combined capital cities, higher than last week’s volume and the highest level reached since April, according to CoreLogic.
CoreLogic Auction Market Preview showed a total of 1,851 homes are scheduled to go under the hammer in the week ending 22 November.
Research analyst Jade Harling said that the scheduled number of auctions is not only expected to be higher than last week’s 1,728 auctions, but also the highest level reached since the week ended 19 April when 1,922 auctions were held.
Melbourne is set to host its busiest week for auctions since June, with 647 homes scheduled to go under the hammer, 7 per cent higher than last week’s volumes but almost half the volume of auctions seen over the same week last year (1,221).
Meanwhile, volumes are expected to remain steady across Sydney, with 840 homes scheduled for auction, unchanged from last week’s final count. One year ago, a higher 940 Sydney homes were auctioned over the same week.
Across the smaller cities, scheduled volumes are higher over the week in Adelaide (104), Brisbane (118), Canberra (119) and Tasmania (5), while Perth (18) has fewer scheduled auctions over the week.
“Given the latest COVID lockdown announcement in South Australia, it is likely a number of homes scheduled for auction across Adelaide this week will be withdrawn or postponed,” Ms Harling said.
Last week’s results
Last week, the combined capital city final auction clearance rate rose across lower volumes.
There were 1,728 capital city homes taken to auction last week, returning a final auction clearance rate of 70.6 per cent. This was an improvement on the 69 per cent final clearance rate achieved over the week prior when a slightly higher 1,757 homes were auctioned.
Compared to last year, clearance rates are at similar levels, but volumes were significantly higher, with 2,590 homes taken to auction over the same week one year ago.
Melbourne’s final auction clearance rate improved over the week with 69.7 per cent of auctions successful, higher than the 68 per cent recorded over the week prior. The improved clearance rate was across 604 auctions, which was slightly lower than the week prior’s 611 auctions. One year ago, a much higher 1,242 auctions were held across the city, with 74.3 per cent clearing.
Meanwhile, both volumes and clearance rate fell slightly across Sydney last week, with 840 homes taken to auction returning a final auction clearance rate of 71.3 per cent — lower than the 851 auctions held over the week prior when a higher 73.3 per cent sold. Over the same week last year, 947 Sydney homes were auctioned, returning a success rate of 71.9 per cent.
Across the smaller cities, both Adelaide and Canberra saw over 80 per cent of auctions successful, having improved over the week. Canberra was the better performer with a higher 86 per cent clearance rate, while Adelaide saw 80.3 per cent of auctions successful.
Brisbane’s final clearance rate also improved over the week with 57 per cent of homes selling at auction. Perth’s final clearance rate was lower over the week at 30 per cent.