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Auction volumes normally increase during the first half of the year, culminating the week before Easter. This year is looking to be no exception.
CoreLogic’s latest auction preview revealed that capital cities are set to see the busiest auction week of the year so far, with 3,446 homes scheduled to go under the hammer – surpassing the week ending 27 February (3,386).
This is an increase from the 3,108 auctions that took place the previous week, but it is a slide from the 3,840 reported this time last year.
Victoria’s capital is gearing up for its busiest auction week of the year, with 1,621 homes scheduled to hit the block, surpassing the 1,574 auctions held four weeks earlier. Activity in Melbourne is up 6.3 per cent from the previous week (1,525) but down 16 per cent from this time last year.
There will be 1,172 auctions in Sydney this week, a 13.9 per cent rise from the previous week (1,029). Activity in the city should surpass last week as the second busiest of the year, trailing only the week ending 27 February (1,202). Compared to the same time last year, when 1,410 auctions were held, activity is down 16.9 per cent.
Brisbane is expected to be the busiest of the smaller capital city markets, with 245 auctions scheduled in the coming week. This is closely followed by Adelaide, with 227 auctions currently on the calendar, and Canberra, with 161 homes set to go under the hammer. Perth is expected to host 19 auctions this week, whereas Tasmania has one auction scheduled.
Last week’s results
Last week, auction activity increased 51.3 per cent after a week of low volumes, owing in part to long weekends in four of the eight states and territories.
It was also the second-busiest week of the year so far in Sydney, Melbourne, and the combined capitals, with an increase of more than 1,000 auctions over the week before.
With the higher auction volumes on show, the final clearance rate did fall again for the fifth consecutive week, with 66.9 per cent achieving a sale out of the 3,108 homes on offer. It slid 2 percentage points from the previous week (68.9 per cent) and is a far cry from the 80.9 per cent successful result of 2,710 auctions held this time last year.
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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