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Capital city auction markets are slowly recovering after state-based lockdowns sent volumes spiraling over the past weeks.
There are 2,271 capital city homes set to go under the hammer in the week ending 11 July 2021, up slightly from last week’s 2,168 auctions, figures from CoreLogic revealed.
Melbourne continues to dominate as Sydney remains in lockdown, with 1,085 homes set to go under the hammer this week — up from last week’s 1,097 and over double the 506 auctions held last year.
Sydney, on the other hand, is set to see a much lower 797 auctions as the local lockdown gets extended for another week. This figure is slightly higher than last week’s 756 and last year’s 566.
But despite lower volumes, CoreLogic’s research analyst, Jade Harling, said Sydney remains a strong auction market.
“The city is still seeing a considerable number of auctions take place, with 12 per cent of auctions last week rescheduled to a later date,” she said.
The smaller capital cities continue to anticipate significantly fewer auctions, with Brisbane at 170, Adelaide at 112, Canberra at 85, Perth at 16 and Tasmania at 6.
Of the capital cities, only Adelaide saw a decline in scheduled auctions week-on-week, while Perth remained stable.
Last week’s results
Over the week ended 4 July 2021, the final auction clearance rate across combined capital cities declined as fewer homes were taken to auction.
CoreLogic revealed a final auction clearance rate of 72.1 per cent out of 2,168 homes taken to auction across the combined capital cities — decreasing from the previous week’s 75.4 per cent out of a higher 2,960 homes.
Canberra was most successful, with the highest final clearance rate of 87.9 per cent resulting from 66 auctions.
Adelaide followed with 78 per cent out of 128 auctions, then Melbourne with 73.1 per cent out of 1,073 auctions, Sydney with 70.5 per cent out of 756 auctions, Brisbane with 63.3 per cent out of 128 auctions and Perth with 33.3 per cent out of 15 auctions.
Only Adelaide and Brisbane saw higher clearance rates compared with the previous week.
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