- 4,970 properties were taken to auction last week
- Sydney elcipsed the previous record set in 2014, accoridng to CoreLogic
- SQM Research supports very high volumes in both Melbourne and Sydney
Just under 5,000 homes were taken to auction last week according to CoreLogic, the busiest week since records began in 2008.
4,970 properties were taken to auction, an increase compared to 4,153 the previous week and almost double the same week last year (2,580).
Despite the volumes, the number of auctions cleared continues to decline.
Of the results collected so far, about two-thirds were successful, the lowest since late August.
Sydney
Sydney witnessed a record-breaking auction volumes week with 1,797 homes taken to auction, overtaking the week ending 30th November 2014 (1,631).
This overtook the previous week of 1,466 auctions. According to CoreLogic, 63.6% were cleared, below last week’s preliminary figure of 67.3%. CoreLogic is predicting clearance rates might fall below 60% – the first time this has happened since August 2020.
SQM Research shows 1,973 auctions were held in Sydney last week – beating the 1,742 record from late November. Likewise, the clearance rate fell to 49.4% – the first time this has occurred since July 2021, but nowhere near the lowest level of 27.6% recorded in April 2020.
Melbourne
In the Victorian capital, 2,309 homes were taken to auction, overtaking the week ending 25th March 2018 as the busiest on record. 65.3% of results so far have been cleared.
SQM Research shows a record 2,332 homes were taken to auction with a clearance rate of 50.4% – not too high nor two low based on the typical clearance rate over the past two years.
Elsewhere…
Outside the two largest cities, Adelaide (309), Brisbane (305) and Canberra (217) also recorded their busiest auction weeks since CoreLogic records commenced in 2008. Adelaide recorded an 83.7% preliminary clearance rate followed by Canberra (75.7%) and Brisbane (72.6%).
