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Despite falling short of the coveted 2,000 mark, national auction levels are set to increase by 7.4 per cent this coming week.
After a quiet start to the spring selling season, auction levels are set to increase from 1,823 to 1,958 this week, representing a 34.8 per cent rise on the 1,453 auctions seen during the same period last year when lockdowns were spread around the country, according to CoreLogic.
Last week’s final clearance rate was revised down to 59.4 per cent — the highest combined capital final clearance rate recorded since the week ending 22 May, when it was 61.3 per cent. Canberra was the most successful national capital, with 67.7 per cent of the Australian capital’s 94 auctions returning a positive result.
Melbourne is going to be the busiest city this week. The Victorian capital is anticipating 840 homes to go under the hammer, an 8.1 per cent increase on the 777 seen the week prior and over double the 386 auctions held during the same period last year when the city was placed under a COVID lockdown. Melbourne’s reported a final clearance rate of 62.7 per cent last week.
Across the harbour city, 746 homes are set to be auctioned off this week. This represents a rise of 8.3 per cent from the 689 seen the previous week and 12.9 per cent higher than the same week last year when Sydney was also under lockdown restrictions. The NSW capital saw 55.8 per cent of last week’s auctions return a successful result.
Brisbane is the only smaller capital city to experience declining activity this week, with 125 auctions scheduled, a 4.6 per cent drop on last week’s reported levels. Adelaide is anticipated to be the busiest city — with 128 auctions — a 2.4 per cent jump on last week, while Canberra is set to crack triple-figures — with 102 homes expected to go under the hammer.
There are 16 auctions scheduled for Perth this week, while Tasmania is set to match last week’s levels and host one auction.
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