Melbourne rise
Auctions continue their rise in Melbourne. Image – Canva.
  • CoreLogic say this week is the second busiest of the year so far
  • More 500 more homes were taken to auction last week than the week prior
  • SQM shows while volumes have increased, clearance rates have declined

As Australia continues to reopen, auctions continue to rise, with CoreLogic recording the second busiest auction week so far this year.

Last week there were 3,524 homes to auction last week across the combined capital cities – significantly higher than the 3,019 taken the previous week. To put this into perspective, 1,747 auctions were held across the capitals during the same time last year.

So far, CoreLogic has recorded a preliminary auction clearance rate of 78.9% – in line with the previous week.

The same week last year saw a rate of 71%.

Sydney

In the nation’s largest city, 1,144 homes were taken to auction this week according to CoreLogic. This is above 974 from the previous week, and higher than 854 the same time last year. Presently, the clearance rate is 79.3%  – around the 78.5% final figure recorded the previous week.

This is the first time Corelogic’s final auction clearance rate is below 80% since late August.

SQM recorded a similar trend in terms of increased volumes. While the previous week saw 1,147 auctions, this week saw 1,312 auctions, however, the auction clearance declined from 63.9% to 61.2%.

Sydney

Melbourne

In the Victorian capital 1,739 homes were taken to auction according to CoreLogic, above the 1,467 figure recorded last week. While this is the second busiest auction so far this year, the week was also the third busiest since March 2018. 77.4% so far have been cleared.

Melbourne

SQM recorded a similar trend with volumes rising from 1,618 to 1,947. Similar to Sydney, the clearance rate has declined albeit by a higher amount, from 62.5% to 58.7%.

Elsewhere….

Outside of the five-million plus cities, Canberra recorded a 90.3% clearance rate from 140 auctions with Brisbane recording 76.8% from 242 auctions. Of the smaller regional markets, Newcastle and Lake Macquarie recorded a 92.7% rate from 46 auctions with Geelong and Illawarra recording a 77.5% and 84.1% rate respectively.

You May Also Like