Grand Final weekend sees auction volume dip: CoreLogic
There are far fewer auctions scheduled across the capital cities this coming weekend, with the NRL and AFL grand finals both scheduled to take place, as well as a number of long weekends, according to CoreLogic's latest market report.
The sharpest fall away in auction volumes is in Melbourne, where, after hosting 1,103 auctions last week, only 74 are currently being tracked.
In Sydney, the fall away is less drastic, with 420 auctions scheduled, compared to 946 last week.
The AFL Grand Final is scheduled for Saturday afternoon in Melbourne, with Victorians enjoying a public holiday on the Friday, while the NRL Grand Final will take place in Sydney on Sunday evening.
Outside of Sydney and Melbourne, auction activity is lower on a week-on-week basis in all other cities. Brisbane is the only city that isn’t showing a major fall in auction activity, down from 144 last week to 104 this week.
Capital city auctions this week:
- Sydney: 420
- Melbourne: 74
- Brisbane: 104
- Adelaide: 37
- Perth: 13
- Canberra: 34
Given Melbourne’s auction market is much quieter this week, it is no surprise that the busiest suburbs across the nation for auctions are in Sydney, with Randwick (11) and Mosman (10) topping the list. The busiest suburb for auctions in Victoria this week is Warrnambool, with 9 scheduled.
Summary of last week’s results:
Last week, just over three quarters of all reported auctions were sold (75.4%), representing a slight fall in clearance rates over the week, down from 76.2% the previous week. Auction volumes were up over the week, with 2,480 capital city auctions held.
For the fourth consecutive week, Sydney’s final clearance rate remained above the 80% mark, reported at 80.4%, falling slightly from 81.6% over the previous week.
Despite the rise in auction activity, with 1,103 auctions held across the city, Melbourne’s clearance rate remained stable over the week, at 77.2%.
Outside of the two major auction markets, Adelaide was the strongest performer, with 78.2% of the 119 reported auctions clearing, followed by Canberra at 68.4%.
New South Wales’ Hunter region and Queensland’s Gold Coast both saw a weekly rise in both clearance rates and auction activity last week, while in each of the other three regional markets that CoreLogic monitors, clearance rates were lower over the week.