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CoreLogic’s latest data has highlighted how many capital city homes are set to go to auction for the week concluding 5 April 2020.
According to CoreLogic’s Auction Market Preview, it’s expected that 1,946 capital city homes will go under the hammer this week, though this number is likely to decrease.
“Last week was expected to be the busiest week for auctions this year; however, the disruptions of new policies preventing onsite auctions introduced last week saw auction market activity plummet,” the report said.
“Over 50 per cent of properties reported a withdrawn result as of final figures last week, and it’s expected this trend will continue as scheduled volumes continue to either be withdrawn or revert to private treaty sales until conditions improve.
“Of course, some auctions will continue as planned, with agents pivoting to digitally enable remote auctions.”
The breakdown
Breaking down the capital cities, CoreLogic noted Sydney is set to see the highest amount of auctions for the week concluding 5 April 2020, with 1,021 homes expected to go under the hammer.
This is followed by Melbourne with 645 homes, Brisbane with 113, Canberra with 75, Adelaide with 64, Perth with 75, and the Northern Territory and Tasmania with four, respectively.
“While it’s likely auction activity will reduce substantially during these uncertain times, we will continue to closely monitor the auction market as agents continue to refine their virtual presence and methods on what will be the new norm, at least until social distancing policies are lifted,” CoreLogic said.
The week prior
The CoreLogic report also concluded with a summary of last week’s results, noting that the combined capital city final clearance rate dropped to its lowest level since 2008.
“Over what was meant to be the busiest week for auctions this year, there were 3,289 auctions scheduled to take place last week, with only 37.3 per cent reporting a successful result, most of which sold prior to auction,” the report said.
“The clearance rate was heavily impacted by withdrawn auctions, with more than 50 per cent of properties scheduled to take place reported as being withdrawn, according to final figures.”
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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