CoreLogic has released its Auction Market Preview for the week ending Oct. 22, expecting a 10.3% increase in auction activity across the combined capitals.
The number of auctions this week is projected to be up from last week, and up 15% compared to last year. Melbourne is the busiest state with 1,129 homes scheduled for auction, up 9.7% compared to the previous week. Sydney comes second with 944 homes set to be auctioned, up 5.8% compared to last week and up 49.4% year over year.
Adelaide will host 176 auctions this week, while Brisbane will hold 165 auctions, up 37.5% compared to the previous week.
On the other hand, Canberra’s auction activity is expected to decline with 80 homes auctions scheduled this week. Perth is expected to auction 14 homes this week, down by 15 compared to last week. Tasmania has only one auction scheduled this week.
Thanks to a “Super Saturday” auction event, capital city auction activity is expected to shoot up, with close to 2,900 homes scheduled next Saturday. The auction numbers are expected to reach at least 3,500.
For last week’s results, across the capitals, 2,275 homes went under the hammer. The final clearance rate was 90 basis points lower than the previous week. This decline, according to CoreLogic, was driven by buyers, with the portion of properties passed in at auction rising to 26.4%, while the combined capital cities withdrawal rate declined to 8.4%. Over the same week last year, across the combined capitals, 1,741 homes were auctioned, and a final clearance rate of 59.8% was reported.
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