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Auction numbers are expected to exceed 3,000 for the second time this year, with 3,163 properties set to go under the hammer.
CoreLogic’s latest Auction Market Preview for the week ending 20 March 2022 found that this week’s scheduled volumes are up by 54 per cent on last week’s figures when 2,054 auctions were held.
The increase also beat figures this time last year, when a significantly lower 2,710 homes were taken to auction.
Improved conditions have been observed in Australia’s two largest auction markets, Sydney and Melbourne, where more than 1,000 homes will be taken to auction across each of the capital cities.
According to CoreLogic research analyst Kaytlin Ezzy, Melbourne is expected to be the busier of the two, with 1,528 homes scheduled for auction, a sharp rise of 151.3 per cent from last week. Ms Ezzy has attributed the disparity to Victoria’s Labour Day long weekend held last week.
Sydney isn’t far behind as it expects to see its second-busiest week of the year, with 1,077 auctions scheduled. This week’s predicted auction activity will see a 6.8 per cent lift from the week before, when 1,008 residences were auctioned, and up 5.1 per cent from the number of auctions held this time last year (1,025).
Following long weekends in Canberra and Adelaide last week, auction activity is up 27.4 per cent throughout the smaller capital cities.
Adelaide is set to be the busiest of the smaller markets, with 201 auctions scheduled to take place. This is followed by Brisbane (191), Canberra (149), Perth (17). There are no auctions scheduled for this week in Tasmania.
Last week’s results
“Auction activity was somewhat subdued last week with long weekends across four of the eight states and territories,” said Ms Ezzy.
There were 2,054 capital city homes taken to auction, returning a final auction clearance rate of 68.9 per cent, down on the 2,979 auctions held the week prior when 69.2 per cent cleared. One year earlier, a marginally higher 2,218 auctions took place with a final success rate of 80 per cent.
There were only 608 Melbourne homes taken to auction last week, which was a far cry from the week prior’s 1,452 auctions. Final figures saw Melbourne’s final clearance rate somewhat on par with the previous week, with 68.6 per cent of homes selling, a slight increase from the 67.3 per cent the previous week but a noticeable drop of 77.6 per cent from a year ago.
Meanwhile, a final auction clearance rate of 67.1 per cent was achieved in Sydney last week across 1,008 auctions, down from the 69.2 per cent recorded over the previous week when volumes were lower (999). A much lower 806 Sydney homes were auctioned one year ago, with a final success rate of 84.3 per cent.
Across the smaller cities, Canberra was the best performing, with 82.1 per cent of auctions returning a successful result. Adelaide followed closely with 78.8 per cent of auctions clearing, while Brisbane saw a 66.3 per cent clearance rate.
Last week, 11 of the 17 auctions held in Perth were successful, while the single auction held in Tasmania was unsuccessful.
ABOUT THE AUTHOR
Noemi Paminuan-Jara
Noemi is a journalist for Smart Property Investment and Real Estate Business. She has extensive experience writing for business, health, and education industries. Noemi is a contributing author of an abstract published by the American Public Health Association, and Best Practices in Emergency Pedagogical Methods in Germany. She shares ownership of the copyright of an instructional video for pharmacists when communicating with deaf patients. She attended De La Salle University where she obtained a double degree in Psychology and Marketing Management.
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