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With only 1,215 homes under the hammer, it’s been a quiet week for Australia’s auction market.
The latest data from CoreLogic reveals over a 50 per cent drop in auction activity compared to the previous week, when Australia’s capital cities recorded their busiest week since April.
CoreLogic has cited public holidays in five states and territories as the root of this downturn.
Although auction rates have dropped, preliminary clearance rates remain steady, with only a 1.7 per cent dip since the week prior.
Sydney was home to the nation’s largest number of auctions for the week, with 730 properties going under the hammer. Even so, the city’s clearance rate dropped to its lowest point in eight weeks, with 71.7 per cent of auctions finding vendor success.
Melbourne hosted just 203 auctions courtesy of the AFL grand final, a whopping 75 per cent reduction from the preceding week. Sales were similarly low, with a preliminary clearance rate of just 66 per cent.
In Australia’s smaller capital cities, Brisbane was the busiest auction centre with 110 homes falling under the hammer. Adelaide hosted 83 auctions, and Canberra held 74. Of the smaller cities, Adelaide recorded the strongest clearance rate, with a healthy 79.3 per cent of auctions ending in a sale.
Despite the latest dip, there is no need for auction watchers to fear – rates are set to bounce back up this coming week, with 2,600 homes scheduled for auction, according to CoreLogic.
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