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Melbourne looks set to lead the way in the auction market’s strong comeback, according to this weekend’s forecast.
A smattering of public holidays across five states left last week’s auction activity in a slump, but CoreLogic has revealed that the auction market for the week ending 8 October is set for a strong recovery.
Melbourne is at the head of the pack, with 1,171 homes scheduled to go under the hammer. This is a monumental improvement from last week’s low of just 203 properties up for auction, which was courtesy of the AFL grand final and associated long weekend celebrations.
Sydney is next on the list, with 998 auctions scheduled for the coming week, an increase of 39.8 per cent from last week’s total of 714 auctions across the city.
The rise is expected to continue across Australia’s smaller capital cities, with increases of 54.2 per cent, 50.6 per cent and 22.9 per cent in Canberra, Adelaide and Brisbane, respectively. With 134 homes set for auction, Brisbane has its nose just ahead of Adelaide’s 125 scheduled auctions.
Last week’s plummeting auction rates were paralleled by a drop in clearance rates, with an average clearance rate of just 64.4 per cent across the nation’s capital cities. This tied with the figure from a fortnight prior as the lowest clearance rate since Easter – a substantial decline from the soaring highs of late September.
Vendor confidence last week was similarly low, with 11.3 per cent of auctions ending in withdrawal, and 24.3 per cent ending with the property being passed.
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