Steady incline for auctions this week
Auction activity continues to climb, with the end of this week expected to see 1,226 capital city homes go under the hammer.
According to the latest research by CoreLogic, 1,226 auctions are currently being tracked for the week concluding 21 June. This is up from 1,181 auctions the week prior.
“Melbourne is expected to see a rise in activity this week, with 542 homes scheduled for auction across the city, up from the 471 auctions held last week, although down on the 635 one year ago,” CoreLogic said.
“Activity is set to remain relatively steady across Sydney this week, with 532 scheduled auctions, down from the 545 homes taken to auction last week and only slightly lower than the 558 last year.
“The smaller auction markets are all set to see fewer auctions held week-on-week, with the exception of Brisbane where scheduled volumes are higher.”
Brisbane is expecting 69 auctions this week, while Adelaide is expecting 36, Canberra is expecting 34, and Perth is expecting 12.
A wrap-up of last year’s results showed the combined capital city final auction clearance rate increased to 59.3 per cent, after the week prior saw the final clearance rate fall to 56.2 per cent.
“Last week’s improved clearance rate was across a higher volume of auctions (1,181), which was the busiest week we’ve seen since mid-April. While clearance rates and volumes have seen some improvement over the last few weeks, volumes are still tracking lower year-on-year with 1,505 homes taken to auction over the same week last year when 61.8 per cent cleared,” CoreLogic noted.
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