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There are more auctions scheduled across the combined capital cities for the week concluding 26 July than the week prior.
According to CoreLogic’s Auction Market Preview, 1,392 homes are scheduled for auction across the combined capital cities this week, increasing on the 1,176 auctions last week. The figures are also higher than the corresponding period last year, where 1,124 auctions took place.
Breaking down the cities, Sydney is expecting 642 auctions this week. This is a 25 per cent rise on last week’s volumes (515) and also higher than scheduled volumes from one year ago (394).
Melbourne is expecting 558 auctions, followed by Brisbane with 72, Adelaide with 57, Canberra with 49 and Perth with 13.
“Sydney and Melbourne were both expected to see a rise in the number of homes auctioned this week. However, given Melbourne’s restrictions, a large portion of these are likely to be withdrawn, as we’ve seen over the past few weeks,” CoreLogic said.
“Last week saw the final weighted clearance rate drop to 53.1 per cent as withdrawal rates across Melbourne weighed down the overall success rate. There were 1,176 homes scheduled for auction last week, down slightly on the 1,269 auctions the week prior when a higher 56.2 per cent cleared.”
In Melbourne, 500 homes were scheduled for auction last week; however, less than 50 per cent of these returned a successful result as the city “adjusts to its second round of lockdown”, CoreLogic noted.
“Of the 498 results, 42 per cent reported a withdrawn result. Of the 218 sold results collected, 51.8 per cent reportedly sold prior to the scheduled auction date,” it said.
Canberra was flagged as the best performing capital city last week. CoreLogic results show 88.6 per cent of homes sold at auction, “although the capital city accounts for a much smaller portion of auctions compared to our larger cities with 35 auctions”.
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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