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Auction volumes are on the increase, according to the latest data.
CoreLogic is reporting that 1,872 properties are scheduled for auction across the combined capital cities this week. That is up from last week when 1,618 homes were taken to auction due to the Queen’s birthday long weekend and the Labour Day long weekend in ACT, NSW, and South Australia.
Even so, the week’s auction volumes are 30.9 per cent lower than they were at this time last year, when 2,708 auctions were held across the combined capital cities.
Sydney is expected to be the busiest national capital city, with 752 auctions scheduled to occur in the NSW capital, a rise of 55.4 per cent on the previous week of the Labour Day long weekend and the NRL grand final, which saw just 484 auctions. This time last year, 825 homes were auctioned across Sydney.
Meanwhile, there are 731 homes expected to go under the hammer across the Victorian capital. This is down 833 from last week. This volume level represents a 45.9 per cent decrease on the 1,351 auctions Melbourne hosted at this time last year.
This week, 143 properties are scheduled to be put up for auction in Adelaide, making it the most active auction market among the smaller capitals.
Adelaide will be followed by Brisbane (120) and Canberra (117).
There are only going to be nine residences put up for auction in Perth, while there won’t be any auctions held in Tasmania this week.
Expectations for a bump in auction activity come as CoreLogic is reporting a final clearance rate of 59.7 per cent for all cities in the week ending 2 October.
This is down from 60 per cent the week before. Even though the latest figure is down slightly from week to week, the clearance rate has stayed above 59 per cent for the first five weeks of spring. Across winter, the average clearance rate was 55.3 per cent.
Last year at this time, 83.2 per cent of auctions that were reported were successful.
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