Auction activity on the uptick with Sydney in the lead
With Melbourne out of lockdown and the long weekend behind us, the number of properties set to go under the hammer has finally picked up.
The auction market is set for a rebound following weeks of decline, with 2,610 homes poised to go under the hammer this weekend across the capital cities – up a strong 45 per cent on last week’s 1,426 auctions and 52 per cent higher than last year.
A majority of Australia’s capital cities are expected to see a significant increase in auction volumes, with Sydney accounting for as much as 47 per cent of all activity with 1,216 auctions scheduled.
Melbourne, having finally stepped out of lockdown, is poised for 935 auctions, Brisbane for 188, Adelaide for 143, Canberra for 109, while Perth and Tasmania remain somewhat weaker with 17 and 2 auctions scheduled, respectively.
In fact, Perth stood as the only capital city clocking a decline, after it recorded 20 auctions last week.
Last week’s results
While auction volumes fell significantly in the week ending 13 June 2021 as a majority of the states and territories celebrated the Queen’s Birthday public holiday, clearance rates improved slightly.
CoreLogic revealed a final auction clearance rate of 73.6 per cent out of 1,413 homes taken to auction across the combined capital cities, up from the previous week’s 70.6 per cent – the lowest clearance rate recorded across the combined capital cities this year.
Canberra and Adelaide were most successful, with the highest final clearance rate of 83.3 per cent resulting from 72 and 90 auctions, respectively.
Sydney followed with 74.1 per cent out of 745 auctions, Brisbane with 73.4 per cent out of 131 auctions, Melbourne with 68.8 per cent out of 355 auctions and Perth with 60 per cent out of 20 auctions.
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