- Scheduled auctions are up 25.3% this week
- The 1,804 auctions is the highest level since June
- Half of all auctions are being held in Melbourne
Property marketplace Domain has announced that 1,804 auctions are scheduled to take place across the capital cities this Saturday, up a staggering 25.3% week-on-week.
This is also the highest number since June.
More than half of all activity nationally is from the Melbourne auction market, with its first super Saturday occurring this weekend, with over 1,000 homes under the hammer.
Although national volumes remain high compared to winter, a fall is expected next week.
Overall, Domain expects the spring selling season to remain subdued compared to previous years.
Clearance rates
The clearance rate reached its highest level since March at 64.6% according to Domain’s data.
This is the second week in a row that rates have held above 60% showing spring improvement in comparison the weaker market in winter.
Sydney also saw its clearance rate rise to its highest level since March at 66.1% Melbourne saw a jump to 63.6%, its best rate since April.
Adelaide recorded its biggest weekly increase, up 16.8% to 82.5%
Canberra, however, recorded a decline over the week, down 6% to 65.3%.
Auction Results – 15 October
Nicola Powell, Domain Chief of Research and Economics, said there are more sellers open to securing a deal prior to auction day, with the rate of sold priors at its highest since February.
“This is an indicator of the current market slowdown with the higher level of sold priors, suggesting that buyers have continued uncertainty as sellers opt to lock in deals rather than send their homes to auction.”
