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Capital auction markets shrugged off slowed activity during the recent public holidays, as the number of properties scheduled to go under the hammer across capital cities strongly rebounded after the three-day Anzac weekend.
According to CoreLogic’s auction preview, a total of 2,742 homes are up for grabs across capital cities for the week ending 1 May — indicating an increase of 50.7 per cent in weekly volumes.
While the figures are up from the 1,853 auctions in the previous week that was marked by the Anzac holiday, the figures are lower than the 2,902 auctions held in the same period last year.
Melbourne auctioneers are set to be the busiest in the upcoming week, with 1,271 properties slated to go under the block, up from 685 in the previous week.
This time last year, auctions held in the Victorian capital were slightly higher — with 1,310 properties going up for sale.
Sydney also saw an annual decline in auction volumes, with 757 properties under the hammer, down from 794. Despite the year-on-year decline in activity, the figures are still up 36.1 per cent from the previous week’s 715.
Brisbane led the charge among smaller cities, with the Queensland capital set to host the most auctions this week with 181.
Adelaide and Canberra were not far behind, with both cities slated to host 157 and 145 auctions, respectively.
Perth has 15 auctions scheduled in the upcoming week, while there are no properties available for bidders in Tasmania.
Out of the 1,809 capital city auction results collected for the week ending 24 April, CoreLogic reported that 63.4 per cent resulted in a sale. The figures are up from 62.4 per cent during the previous weekend, which was the lowest final clearance rate of the year so far.
With a higher number of properties up for auction this week, CoreLogic noted that the declining trend of clearance rates over the past couple of months could see a shift in direction.
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