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The number of capital city homes going under the hammer is set to rise further this week, according to CoreLogic.
The CoreLogic Auction Market Preview has highlighted that for the week ending 31 May 2020, 692 auctions are scheduled across Australia’s capital cities — up from 612 auctions the week prior.
“While scheduled numbers are set to increase, with this week expected to be the busiest since mid-April, volumes remain substantially lower than what we would usually see,” CoreLogic noted.
“Over the same week one year ago, 1,661 capital city homes were taken to auction.”
Sydney is expected to be the busiest city for auctions for the sixth consecutive week. There are 382 auctions scheduled, up from 309 last week.
Meanwhile, Melbourne is set to see 195 homes go under the hammer, up from 168 last week. This is followed by Brisbane with 59, up from 49 last week.
There are 27 auctions scheduled for Canberra this week, down from 58 the week prior. Adelaide has 17 auctions scheduled, up from 14 last week, and Perth has 12, up from 10 last week.
A summary of last week’s results showed the final weighted average clearance rate came in at 62.7 per cent, surpassing the previous week’s 60.4 per cent as the highest result since the week ended 15 March.
“While clearance rates have bounced back to almost pre-restriction levels, volumes remain significantly lower than what we would usually see,” CoreLogic said.
“There were 612 auctions scheduled last week, higher than the week prior when 417 auctions were held, however, much lower than the 2,055 held over the same week last year.”
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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