Auction activity continues upswing

This represents a steady incline from the previous week, where 612 homes were scheduled for auction across the capital cities, with a final clearance rate of 62.7 per cent.

While auction clearance rates continue to strengthen, activity remains substantially below the average year-on-year, according to CoreLogic.

“One year ago, there were 1,661 homes taken to auction and a 58.0 per cent clearance rate,” CoreLogic said.

“Although the number of auctions held remains low, since restrictive policies around open homes and onsite auctions were lifted, the trend has been towards more auctions held and a substantial reduction in the proportion of auctions withdrawn prior to the event.”

The number of auctions held this week was the highest since the week ending 19 April, CoreLogic noted. 

“In Melbourne, 259 homes were scheduled to go under the hammer this week. So far, 192 auctions have been reported, returning a preliminary success rate of 71.9 per cent. The previous week saw a final clearance rate of 68.0 per cent across 168 auctions,” it said.

“In Sydney, 469 homes were scheduled for auction this week, returning a preliminary clearance rate of 68.1 per cent across 320 results. In comparison, last week saw 309 homes taken to auction with a success rate of 65.0 per cent. 

“As mentioned over the previous few weeks, with restrictions easing across many states and territories, we will likely see the number of homes taken to auction continue to increase.”