- First week on record where combined capital city auctions totalled over 4,000
- Canberra and Adelaide witnessed their busiest auction week ever
- Due to withdrawals, Sydney failed to record its busiest week on record
As predicted, last week was a record-breaking week for auctions, with 4,261 homes taken to auction across the capital cities, according to CoreLogic.
This figure marks the first time over 4,000 auctions have been held across the capital cities, overtaking the previous record set in late March 2018 when 3,990 were held.
Individually, Canberra and Adelaide witnessed their busiest auction weeks on record since CoreLogic began collating such data in 2008.
Despite the surge in volumes, demand didn’t quite keep up with the surge in volume.
CoreLogic recorded a preliminary clearance rate of 71.4%.
Melbourne
The Victorian capital has recorded its busiest week since late March, but simultaneously has seen its lowest preliminary clearance rate since mid-September. 1,891 auctions were held according to CoreLogic, up 14.1% compared to the previous week. The preliminary clearance rate is 68.5%, lower than last week’s 72.7%. Although there has been an increase in volumes, the withdrawal rate remained steady at 9.8%.
SQM Research recorded 1,968 auctions last week, up sharply from 1,735 the previous week. Correlating with CoreLogic’s data, the clearance rate declined from 53.5% to 50.3%.
Sydney
The nations largest city was predicted to break its all-time record however this failed to occur, with 5% of actions postponed, likely due to poor weather over the weekend.
1,577 homes were taken to auction, the busiest since late November 2014. The preliminary clearance rate was 71.4% – the lowest year-to-date.
SQM Research correlates with that of CoreLogic, with auction volumes increasing from 1,517 to 1,742, with a minor decline in the clearance rate from 55.8% to 55.6%.
Canberra bucked the trend with a slight rise in the preliminary clearance from 85.7% to 88.2%, despite the 184 auctions held – the highest ever for the nation’s capital. Adelaide’s 299 auctions have returned a preliminary clearance rate of 74.5%.
In the other smaller markets, Brisbane has reported a 74.5% preliminary clearance rate from 256 auctions, and 60% of auctions in Perth have been successful Tasmania held two with one unsuccessful result so far.
