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According to CoreLogic, auction activity is predicted to skyrocket this week, setting it up to be Australia’s third busiest auction week this year.
Data group CoreLogic expects this week to see a 10.3 per cent increase in auction activity across the nation’s combined capitals, setting the week ending 22 October to be a hectic one for Aussie property.
With 2,509 homes currently scheduled to go under the hammer, the tally for this week will be a substantial jump up from last week’s total of 2,275 – a 15.7 per cent increase on the 2,169 auctions held this time last year.
In keeping with the pattern of recent weeks, Melbourne will once again be the country’s busiest market. Across the city, 1,129 homes are scheduled to pass under the hammer, an increase of 9.7 per cent from last week’s total, albeit a slight decline from the Melbourne auction total from this time last year.
Up in the harbour city, 944 Sydney properties are set to go to auction, a staggering 49.4 per cent increase from last year’s scant total of 632 auctions across the city.
In the smaller capitals, this week will be rounded out with 176 auctions in Adelaide, 165 auctions in Brisbane, 80 in Canberra, 14 in Perth, and one in Tasmania.
Next week will see an even bigger leap in auction activity, with a “Super Saturday” event planned for 28 October set to catapult Australia’s auction activity to a massive 2,900 auctions on that day alone. With a predicted total of above 3,500 home auctions, next week is expected to be the country’s second busiest of the year.
Last week, a 7 per cent easing in auction activity saw clearance rates slump to 65.2 per cent, a decline of -90 basis points compared to the week prior.
According to CoreLogic, this decline was predominantly driven by buyers, 26.4 per cent of listed properties being passed in at auction, and just 8.4 per cent of properties withdrawn.
Still, the percentage of auctions that ended in success last week remained an improvement on the same week last year, when only 59.8 per cent of auctions finished with a sale.
The final count across Australia’s capital cities last week came in at 1,029 auctions in Melbourne, 892 in Sydney, 120 in both Brisbane and Adelaide, 98 in Canberra, and 15 in Perth.
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