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With over 3,000 homes scheduled to go under the hammer, the combined capital city auction market is set to see its third-busiest week of the year to date, new data shows.
CoreLogic Auction Market Preview for the week ending 3 April 2022 showed that there are 3,286 capital city homes scheduled to be auctioned, trailing only the week ending 27 February (3,386) and the week ending 27 March (3,386). It’s considerably higher than the auctions held over the same week last year, which coincided with the Easter long-weekend slowdown with the auctioning of 845 properties across the capital cities.
Of the major cities, Melbourne is expected to be the busiest, with 1,506 homes scheduled for auction. While it’s considerably lower than the 1,626 auctions held last week, it’s a far cry from the 211 auctions held last year.
Sydney is the only capital likely to witness an increase in auction activity this week, beating the previous week as the year’s second-busiest auction week. This week’s auction volumes are up 8.7 per cent over the previous week’s 1,104 auctions, with 1,200 homes scheduled to go under the hammer. There were 404 auctions held this time last year.
All other capital cities are expecting to see a drop in scheduled volumes, with 580 homes scheduled to go under the hammer. Brisbane will host the most auctions, with 216 homes set to be auctioned, followed by Adelaide (195) and Canberra (194). There will be 17 auctions in Perth this week, whereas there are no auctions scheduled in Tasmania.
Last week’s results
There were 3,377 capital city homes taken to auction last week, a lift from the 3,108 auctions held over the week prior. The higher volumes returned a moderately stable final clearance rate, with 66.8 per cent of homes selling, from 66.9 per cent over the previous week. This was lower than the 83.1 per cent success rate achieved across a higher 3,840 auctions held over the same time last year.
Melbourne’s clearance rate was more robust against higher volumes last week as it hosted its busiest auction week of the year. There were 1,626 auctions held across the city, returning a final auction clearance rate of 66.9 per cent. The previous week saw 1,525 auctions held and a success rate of 65.9 per cent. One year ago, a much higher 1,929 homes were auctioned, returning a success rate of 81 per cent.
In Sydney, there were 1,104 homes auctioned last week, returning a final auction clearance rate of 64 per cent, a slight dip from the 64.8 per cent clearance over the week prior when volumes were lower (1,029). Over the same week last year, a higher 1,410 auctions took place across Sydney, with a success rate of 87.6 per cent.
Across the smaller cities, Brisbane and Adelaide had their biggest auction weeks of the year thus far, with 243 and 228 residences auctioned, respectively, in the smaller cities. For the second week in a row, Adelaide had the highest clearance rate of 75.4 per cent, followed by Canberra (72.9 per cent of the 155 auctions) and Brisbane (68.3 per cent ).
In Perth, 10 of the 20 auctions were successful, whereas in Tasmania, the single auction scheduled was successful.
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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