The auction market saw a notable week-over-week decrease in the number of capital city homes going under the hammer, a report by CoreLogic found.
There were 1,508 houses scheduled for auction in the week ending on July 14, according to CoreLogic’s Auction Market Preview. This was a 15.1% decrease from the 1,776 homes recorded in the previous week and was 2% lower year-over-year.
“The combined capital city final clearance rate rose to 66.5% last week, after the previous week (63.0%) recorded the second lowest final clearance rate so far this year,” the report stated. “Last week’s result is the highest clearance rate since the week ending 7th April (67.0%). This time last year, 68.4% of capital city homes taken to auction were successful.”
While Melbourne saw the largest number of homes set for auction with 622, it was a 7% decrease from the figure seen from last week and 4.3% lower than the same time last year. Sydney also saw a drop to only 573 auctions from the 766 recorded in the previous week. The number was 5.4% lower year-over-year.
Adelaide and Perth also continued this downwards trend with 101 and nine auctions, respectively. A week before, their respective numbers of homes set for auction were 151 and 11.
Meanwhile, Brisbane, Canberra, and Tasmania saw increases in the number of homes set for auction, at 150, 51, and 2, respectively. These were higher than the 136, 43, and zero auctioned homes recorded in the previous week.
According to the report, the lower number of auctions recorded this week was caused by the winter school holidays that were set in most states. CoreLogic projected that capital city auction volumes will rise slightly in the coming week, with the numbers likely to reach around 1,800 auctioned homes over the next two weeks.
