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In a momentous week for the country, auction activity is set to clock above 2,000 for just the third time since June.
This coming week marks the first of the two-week activity boom that CoreLogic predicted would cap October as 2,211 auctions are set to take place across the combined capital cities — a 27 per cent increase on the previous week’s results.
Melbourne will likely remain in the top spot as the busiest capital city, reporting potentially the most auctions (1,167) since the week ending 19 July, when the Victorian capital hosted 1,266. This week’s predicted volume is a 69.1 per cent increase on last week’s results, albeit remaining 20.4 per cent lower than the same week last year.
The city’s final clearance rate last week was 60.1 per cent, with its outer-east subregion posting a city-high 76.7 per cent clearance rate from 30 auctions, while Melbourne’s inner subregion could only muster a 47.2 per cent success rate from 127 outings.
After it was predicted to be the top-ranked city last week, Sydney fell short due to a high withdrawal rate. This week the NSW capital will remain the second-busiest location across the country with a 1.4 per cent activity increase forecast, taking the total volume for the week ahead to 673.
Sydney’s Sutherland subregion saw 73.9 per cent of its 46 auctions return a successful result, as opposed to Parramatta, which reported a final clearance rate of 41.9 per cent. The city’s overall final clearance rate was 61.2 per cent.
Despite activity falling 7 per cent this week, Brisbane will remain the busiest of the smaller national capitals as it expects to host 146 auctions. Meanwhile, there are 133 homes scheduled to go under the hammer in Adelaide this week, up 9.9 per cent on the week prior.
Canberra is set to follow in Brisbane’s footsteps with an 8 per cent fall in activity forecast, bringing the number of potential auctions in the national capital this coming week to 81.
Volume in Perth is set to halve this week, with 10 auctions scheduled across the West Australian capital, as opposed to 20 the week prior. Tasmania is expecting just a single auction across the week.
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