Weekend auction activity set to slow down in both Sydney and Melbourne: CoreLogic RP Data

Weekend auction activity set to slow down in both Sydney and Melbourne: CoreLogic RP Data
Weekend auction activity set to slow down in both Sydney and Melbourne: CoreLogic RP Data

This week, CoreLogic RP Data is tracking a total of 2,230 capital city auctions, with auction activity set to slow down in both Sydney and Melbourne, the nation’s two most active auction markets.

This week, 1,179 Melbourne auctions are being tracked, compared to 1,347 last week while Sydney will be host to 701 residential auctions, down from 919 last week and also lower than the 944 a year earlier. In Adelaide (96), Brisbane (126) and Perth (29), auction activity is also set to be quieter this week, while Canberra is the only capital city auction market where more homes will be taken to auction this week compared to last week, rising from 75 last week to 88 scheduled this week. 

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Weekend auction activity set to slow down in both Sydney and Melbourne: CoreLogic RP Data

Capital City Auctions this week:

Sydney: 701

Melbourne: 1,179

Brisbane: 126

Adelaide: 96

Perth: 29

Canberra: 88

St Kilda (25), Reservoir (23) and Mount Waverley (18) all situated in Melbourne are the busiest individual suburbs for auctions this week. Outside of Victoria, the most auction activity will occur in Maroubra (NSW), where 11 auctions will be held. 

Summary of last week’s results:

CoreLogic RP Data collected a total of 2,476 auction results last week, accounting for almost 92% of all auctions held. The final auction clearance rate remained above the 70 per cent mark for the fourth consecutive week at 71.4%, which was slightly weaker than the preceding week where 71.8% of auctions were successful.

Melbourne’s clearance rate last week was 74.8%, the strongest result of any capital city, followed closely by Canberra, where clearance rates rebounded from 61.9% the previous week to 72.3% last week and Sydney at 72.1%.

Adelaide’s clearance rate has remained steady over the past two weeks, with last week’s final results showing 64% of auctions across the city were successful. In Brisbane, last week’s clearance rate of 57.4% is the strongest result seen so far this year and far outperformed the Gold Coast, where a final auction clearance rate of 42.4% was recorded. 

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Weekend auction activity set to slow down in both Sydney and Melbourne: CoreLogic RP Data

Tags: 
Auctions Residential Sales

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