Auctions to remain steady this weekend

Sydney is once again the most popular auction market, with 553 homes being tracked, followed by Melbourne with 503, Brisbane with 62, Adelaide with 44, Canberra with 32, and Perth with 15. 

“The number of homes scheduled for auction is expected to remain relatively steady week-on-week across the combined capital cities... Last week, 1,269 capital city properties were taken to auction, while one year ago, a significantly lower 896 homes were auctioned over the same week,” CoreLogic said. 

“In Melbourne, 503 properties are scheduled for auction this week. However, it is likely that a high proportion of these will be withdrawn from the market as we noted in last week’s final results, with the city in its second round of stage 3 restrictions amid rising COVID-19 cases.

“Activity across Sydney is set to remain somewhat steady over the week, with 553 homes to be auctioned, down only -2.3 per cent on last week’s figures.

“Across the smaller auction markets, scheduled volumes are expected to be lower across every city, with the exception of Perth where volumes are unchanged over the week.”

A summary of last week’s results concluded there were 1,269 homes scheduled for auction across the combined capital cities, increasing slightly on the 1,224 auctions held the week prior.

“The higher volumes saw the final clearance rate drop, with 56.2 per cent of auctions returning a successful result, down on the 60.2 per cent the previous week. The lower clearance rate over the week comes after Melbourne entered another six-week lockdown period, inhibiting the physical attendance of auctions once again,” CoreLogic said.

“...Adelaide came in with the highest final clearance rate across the smaller auction markets last week, after Canberra’s successive run of highest weekly clearance rate, which was maintained each week since February.”