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After weeks of subdued activity, capital cities are set to see a double-digit rise in auction volumes over the week, according to new data.
There are 2,430 auctions scheduled across capital cities in the week ending 18 July, up by 15 per cent on last week’s final figures at 2,104 and more than double the volumes recorded last year at 1,176, according to the newest figures from CoreLogic - although a new lockdown announcement could wreak havoc.
Melbourne is expected to account for almost half of all auction activity, with 1,198 homes scheduled to go under the hammer — higher than last week’s 1,076 and last year’s 500.
However, final figures are expected to change as the Victorian capital enters into a five-day snap lockdown on Friday.
Sydney’s auction volumes are also set to rise this week despite the current lockdown, with 859 auctions supposed to be going ahead — up from last week’s 650 and last year’s 515 — although this may change following the extension of the lockdown for another two weeks.
The smaller capital cities continue to anticipate significantly fewer auctions, with Brisbane at 164, Adelaide at 104, Canberra at 91, Perth at 12 and Tasmania at 2.
Despite the COVID-19 dampener, Ray White chief economist Nerida Conisbee said that the strong winter selling season is definitely set to continue, with low interest rates, freer lending and high household savings rates as “obvious drivers”.
“High levels of confidence from booming economic growth, a large number of incentives available, particularly for first home buyers and a general desire for bigger homes and more space have also contributed,” she added.
Last week’s results
CoreLogic revealed a final auction clearance rate of 73.7 per cent out of 2,104 auctions over the week ended 11 July — increasing from the previous week’s 72.1 per cent out of a higher 2,168 auctions.
Canberra was once again the most successful, with the highest final clearance rate of 89.2 per cent resulting from 83 auctions.
Adelaide followed with 86.1 per cent out of 108 auctions, then Brisbane with 74.8 per cent out of 162 auctions, Sydney with 74.3 out of 650 auctions, Melbourne with 71.2 per cent out of 1,076 auctions and Perth with 50 per cent out of 20 auctions.
Almost all capital cities saw their clearance rates increase week-on-week, with the exception of Melbourne.
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