Capital city auction volumes down 41.5%
The combined capital cities saw auction volumes drop significantly over the weekend, largely believed to be a result from the Spring Racing Carnival.
According to CoreLogic’s Property Market Indicator Summary, for the week ending 3 November, there were 1,535 capital city homes taken to auction. This is down from the 2,622 recorded the week prior.
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“The lower week-on-week activity returned a preliminary auction clearance rate of 73.6 per cent, which was lower than last week’s preliminary figure of 75.3 per cent across the higher volumes, which later revised down to 72.2 per cent at final figures,” CoreLogic said in a statement.
“There were 254 Melbourne homes taken to auction this week; the lower volumes is what we traditionally see the week just prior to the Melbourne Cup festivities, while also coming off the back of the busiest week for auctions this year last week (1,528).
“The lower volumes this week saw the preliminary clearance rate fall, with 73.3 per cent of homes selling after last week’s final auction clearance rate of 75.1 per cent. A preliminary auction clearance rate of 79.4 per cent was recorded across Sydney this week, improving on last week’s final clearance rate of 74.3 per cent.
“There were 832 auctions held across the city this week, increasing on last week’s 771 and higher than one year ago (813).”
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