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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 Perth’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.
It was a particularly exciting week for the Ray White network, which reported its largest ever week for auctions – reporting 844 auctions as scheduled for the week leading up to Halloween.
Ray White NSW chief auctioneer Alex Pattaro said they are still seeing large numbers of buyers looking to secure property.
“The influx of stock hasn’t suppressed property prices, which gives sellers confidence they can buy and sell within the same market while achieving a great price for their home.
“With the international border opening on Monday (1/11/21) and more people returning home, it’s likely that we see this momentum continue right through to the end of the year. And potentially into the early part of 2022.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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