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New research has found Sydney recorded its busiest week for auctions this year, with almost 1,000 homes taken to market.
According to CoreLogic’s latest market activity update, for the week ended Sunday, 29 September, 1,262 homes were taken to auction across the combined capital cities, down on the 1,983 auctions held at final results last week.
Of these, Sydney recorded 939 auctions. This is the largest quantity of auctions the harbour city has seen in one week since November 2018.
“Demonstrating the depth of market demand, the preliminary auction clearance rate maintained strength across the higher volumes coming in at 77.7 per cent, rising from the 72.7 per cent final clearance rate last week when 646 auctions took place,” CoreLogic said.
“Last year, 608 Sydney homes were auctioned when a much lower 43.8 per cent sold.”
Meanwhile, Melbourne saw a significant drop in volumes this week, with only 103 homes taken to auction, down from the week prior when 1,020 Melbourne homes were taken to auction.
The lower activity recorded in Melbourne is largely believed to have been a result of the state’s “AFL Grand Final hype”.
“Despite the lower activity across Australia’s busiest auction market, the combined preliminary clearance rate came in at 74.4 per cent, up from the 70.7 per cent final clearance rate last week,” CoreLogic said.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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