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While auction volumes are expected to remain low in Melbourne, Sydney is set to see an increased number of homes go under the hammer this week.
CoreLogic’s Auction Market Preview has predicted there to be 1,225 homes going to auction for the week ending 30 August. This is up on the 1,064 auctions last week, although lower than the 1,615 auctions held over the same week last year.
In Sydney, there are 779 auctions forecast. If this figure comes to fruition, it will mark a 26.7 per cent rise in volumes from the week prior and 32 per cent year-on-year.
Meanwhile, auction activity remains low in Melbourne, which is still in a stage 4 lockdown. Just 171 homes are predicted to go to auction, marking the lowest number of scheduled auctions in 14 weeks, and down from 222 last week. This time last year, 768 homes were taken to auction in the Victorian capital.
Further, CoreLogic noted, across the smaller markets, the number of auctions scheduled in Brisbane and Canberra is the highest in 21 weeks at 117 and 81, respectively, while Adelaide and Perth scheduled volumes are lower relative to last week at 60 and 16, respectively.
CoreLogic has also released the final figures from last week’s results.
“There were 1,064 capital city homes taken to auction over the week, a very slight increase on the 1,046 auctions held the prior week. Of the 1,057 results collected, 60 per cent were successful, up on the 58.4 per cent success rate the previous week,” it said.
“Both volumes and clearance rates across the combined markets have remained relatively steady over the past month. While Melbourne’s lockdown has resulted in fewer homes taken to market and less successful results, this has been somewhat offset by an increase in volumes and clearance rates across Sydney.”
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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