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The number of capital city homes going under the hammer is down slightly week-on-week but higher than the same time last year.
According to CoreLogic’s Auction Market Preview, the week concluding 12 July is set to see 1,161 capital city auctions. This is down from the 1,224 tracked last week but higher than the same time in 2019 when 847 homes were taken to auction.
“In Melbourne, 448 auctions are scheduled across the city this week, similar to last week when 456 auctions were held, although higher than volumes from the same week last year (348),” CoreLogic said.
“It will be interesting to see how many of these auctions are withdrawn given the announcement earlier in the week that Melbourne would enter a six-week lockdown at midnight on 8 July. At the height of the previous lockdown period, more than half of auctions scheduled were withdrawn prior to the event.”
Meanwhile, CoreLogic noted it is tracking 538 Sydney homes scheduled for auction this week. This is down from 580 last week and higher than the 316 held one year ago.
“Across the smaller markets, Brisbane is expecting the highest volume of auctions (72), followed by Canberra (48) and Adelaide (44). Perth is set to host 10 auctions this week, while Tasmania has one auction on the radar,” CoreLogic said.
The decreased volumes week-on-week remain consistent with the weeks prior.
A summary of last week’s results show there were 1,224 capital city homes scheduled for auction last week, down from 1,485 over the previous week. However, this, again, is higher than the corresponding week in 2019.
“Of the 1,099 reported results last week, 60.2 per cent returned a successful result, down slightly from the previous week when a final clearance rate of 60.6 per cent was recorded, and lower than this time last year (64.0 per cent),” CoreLogic said.
“In Melbourne, the final auction clearance rate was 60.6 per cent last week, down from 61.0 per cent over the previous week and lower than one year ago (67.2 per cent). Looking at volumes, 456 homes were taken to auction last week, down from 645 over the previous week, although higher than this time last year when just 388 auctions were held across the city.
“Sydney saw 580 homes taken to auction last week, down from 644 over the previous week, although higher than this time last year (359). Of the 514 results collected last week, 61.5 per cent were successful, down from 62.9 per cent over the previous week and 71.3 per cent this time last year.
“Canberra was the best performing across the smaller cities, with 81.3 per cent of reported auctions returning a successful result.”
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.
