- 3,725 auctions were held last week
- The fifth busiest week since CoreLogic began publishing such data in 2008
- Clearance rates fall as volumes rise in Sydney and Melbourne, although some of the smaller capitals bucked the trend
The typical busy spring season rose much later this year, with last week being the busiest week since late March, with 3,725 homes taken to auction, according to CoreLogic.
Last week was also the fifth busiest week for auction since CoreLogic began collecting such data in 2008.
Auction volumes were up by 5.3% compared to last week, and double compared to the same time last year.
With signs the market is cooling nationally, clearance rates are continuing to decline nationally since the peak early last month, with only 74.5% of auctions sold so far with this figure likely to be revised down.
In Melbourne, which saw most restrictions ease last week, 1,644 homes were taken to auction last week, the third busiest week of the year for the Victorian capital, according to CoreLogic. This also marked the seventh consecutive week where auction volumes were above 1,000, highlighting vendors and sellers ability to pivot to lockdown restrictions.
The preliminary clearance rate fell to 72.7%, having been 74.1% the week prior.
Nonetheless, both volumes and the rate are higher than the 70% and 646 auctions recorded during the same week last year.
SQM Research data also shows an increase in volumes – 1,665 to 1,735 – coupled with a small decline in the clearance rate from 54.9% to 53.5%.
In Sydney, 1,369 auctions were held last week, overtaking the previous week as the second busiest week of the year, according to CoreLogic.
Volumes were up by 8.7%, with a preliminary clearance rate of 73.4%.
Withdrawals continue to rise; 16.6% of auctions were withdrawn last week, the highest since late July. This is a trend that has been occurring for over a month.
SQM Research data also showed an increase in volumes from 1,440 to 1,517, with a 56.5% to 55.8% fall in the clearance rate. It was also the busiest auction week since March.
The other cities…
Canberra and Adelaide bucked the trend by recording both an auction volume increase coupled with a higher clearance rate of 85.7% and 79.6% respectively. Brisbane also recorded a high clearance rate of 82.5%.
Tasmania recorded a 100% clearance rate – however, this was from the sole auction held on the Apple Isle last week.