Auction volumes down despite restrictions lifting across multiple states

The number of homes scheduled for auction continues to trend lower, with only 365 auctions to take place this week, lower than the 480 auctions last week, according to CoreLogic data.

CoreLogic noted that while most states have lifted the ban on onsite auctions and inspections, it’s likely to take a few weeks before we see an uplift in scheduled volumes.

This is due to vendors and agents generally relying on at least a four week marketing campaign leading up to the auction event.

There are 110 Melbourne homes scheduled for auction this week, down on the 163 held last week.

Sydney is expected to be the busiest auction market for another week, with 167 scheduled auctions this week, down on the 216 held last week.

Brisbane & Perth are the only capital city auction markets expected to see an increase in volumes over the week, with volumes lower across Adelaide and Canberra. Tasmania has no scheduled auctions this week.

The capital city final auction clearance rate came in at 59.9% last week, the highest final result seen since Mid-March.

Of the 395 results collected last week, 22% were withdrawn which was much lower than the 50% seen a few weeks ago, which is the main factor in the improvement of clearances rates.

The number of ‘sold prior’ results was also slightly lower this week, however still remain higher than we would usually see with 43.8% of properties selling prior to the scheduled date.

During this weekend last year there was a 65% clearance rate from 359 auctions held in Melbourne, according to the REIV.

The REIV is expecting about 130 auctions in 97 suburbs this week.

The highest volume auction locations this week are Craigieburn with 4 scheduled auctions. Mount Waverley, Lara, Albert Park, Coburg, Templestowe, Burwood East, Caulfield South, Mulgrave and Pascoe Vale follows with 3 listings in each.

An example of the auction volume in Craigieburn this weekend is 1 Yorkshire Terrace.

The three bedroom, one bathroom home is described as the ideal first house in the marketing material.

It comes with a price guide of $435,000.