Slight increase tipped for auction activity

“The lower volumes last week can also be attributed to the continued challenges around social distancing, with only 413 auctions held last week,” CoreLogic said.

“While this week’s scheduled numbers are set to increase, with 544 properties expected to go to auction, volumes are substantially lower than what we would usually see.”

According to CoreLogic, there are 184 Melbourne homes scheduled for auction this week, up on the 144 over the previous week.

“Sydney is expected to be the busiest city for auctions for another week, with 254 properties scheduled to go under the hammer, up on the 192 held last week,” it added.

“Adelaide, Brisbane and Perth are all expected to see a higher number of auctions held this week, while scheduled volumes are lower in Canberra. There are no auctions in Tasmania this week.”

Going forward, CoreLogic said it’s likely the number of scheduled auctions will remain substantially lower than normal, at least until social distancing policies are lifted and on-site auctions can resume.

“With a sharp reduction in scheduled auctions, we could see the withdrawn rate start to normalise, which is likely to have a positive flow-on affect to the clearance rates, which has been dragged lower over the past month due to a surge in auction withdrawals, which are counted as unsold in the clearance rate statistics,” it said.