Auction rates are up, up and up in Australia’s capitals. Image : Canva
  • Last week was the busiest auction week recorded since April last year
  • Melbourne hosted 1,319, the most of all the capitals
  • CoreLogic predicts this week will be the busiest auction week in Australia's capitals since March 2018

Last week was the busiest week for auctions across Australia’s capitals since the start of April 2020, with 2,731 homes taken to auction. This is up from the same time last year when 2,599 homes were auctioned.

This is based on data from CoreLogic‘s Market Indicator Summary.

In comparison the previous week saw 2,218 auctions held across the capitals combined.

Despite the uptick in volume on the market, the preliminary clearance rate remained steady with an 82% success rate in auctions. This is down only slightly from the 83.2% of the previous week which was revised down to 80%.

In the same week last year, the initial effects of the pandemic were being felt with a final clearance rate of 56.9% being recorded.

Source: CoreLogic

Melbourne took out the top spot with 1,319 auctions held in the city. Preliminary results show a 78.9% success rate, meaning Melbourne also had the most auctions cleared at 915.

At the same time last year, in Melbourne 1,343  were taken to auction and the final clearance rate was 58.4%.

Sydney hosted 1,084 auctions this past week, up from 806 of the previous week and 946 at the same time last year. While the city is experiencing severe weather, preliminary clearance rates still reached 87.4%. This is on par with the previous week.

Final auction clearance rates in Sydney have remained steadily about 80% in the last six weeks.

Source: CoreLogic

CoreLogic predicts auction volumes to continue on their current trajectory upwards this week. They are currently tracking more than 3,800 auctions across the combined
capital cities.

If predictions are correct this week is set to be the busiest auction week in Australia’s capitals since March 2018.

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