- Lockdown is likely to affect Sydney figures, but this is yet to be borne out
- Domain shows most cities are holding more auctions this week than last
- CoreLogic report finds Australian market robust against lockdowns
There will be slightly more properties put up for auction this week and weekend, according to Domain and CoreLogic’s latest auction previews.
The CoreLogic preview for 11 July shows 2,271 capital city homes are scheduled to go to auction, 103 more than last week. Domain’s figures show 1,935 are scheduled for auction across Sydney, Melbourne, Brisbane, Adelaide and Canberra on the week to 10 July, that number is up 9% on last week.
Though there is a marginal increase, Domain said the overall number of homes going to auction is trending down from June figures.
Auctions this week
From Domain data, it looks like auction volumes were mostly up from last week, the exception being Adelaide, which was down 23%.
While the expectation is that the extension of the Sydney lockdown will impact auction results, a CoreLogic report showed there are signs of a robust market.
“Auction results across Sydney and Melbourne have remained resilient in lockdown, particularly circuit-breaker lockdowns, although a larger than normal number of auctions are typically withdrawn, postponed or sold prior to the auction event.”
CoreLogic went on to describe the dynamic of Sydney’s market, showing only a small drop in scheduled auctions achieving a successful result.
For the fortnight ending 4 July, 74.6% were successful. This was lower than the week ending 20 June (76.8%) and lower than the five year average of 77.2%.
The report also noted that “[the] Australian housing market values had a peak to trough decline of just -2.1% through 2020, before surging 12.2% through the first six months of 2021.”