Spring auction surge in late November

Auction volumes will surge to above 2,000 for the first time since April.

CoreLogic calculate 2,201 capital city homes scheduled to go under the hammer this week.

Last week, final results saw 1,803 properties taken to auction across the combined capital cities and one year ago a significantly higher 3,206 auctions were held.

Melbourne is expected to see a considerable rise in activity this week, with 899 homesscheduled for auction.

This week’s scheduled volumes are set to surpass last week’s 646 auctions, as the busiest week the city has seen since April.

However, volumes remain lower than one year ago, with 1,533 held over the same week in 2019.

In Sydney, 929 homes are scheduled for auction over the week with the city also expecting its busiest week since April, increasing on the 805 auctions held last week, although lower than the 1,221 held one year ago.

Across the smaller auction markets, scheduled volumes are higher over the week in Adelaide; after a brief lockdown period last week resulting in a number of withdrawn auctions.

Canberra and Perth have fewer scheduled auctions over the week.

One of the big auctions include 5001 Emerald Island Drive, Carrara, a French chateau style home that boasts over 39 metres of water frontage on the Gold Coast.

Double-height formal rooms and imposing touches like the foyer’s dramatic dome skylight have grandeur, according to Ray White agent Matt Micallef.

Last week, the combined capital city final auction clearance rate fell as volumes rose.

There were 1,803 homes taken to auction over the week, recording a final auction clearance rate of 69.1%.

The previous week saw a lower 1,728 auctions held with a higher 70.6% final clearance rate. One year ago, a higher 2,612 homes were taken to auction when 68.5% cleared.

In Melbourne, 646 homes were scheduled for auction last week, the busiest week the city has seen since April.

The higher volumes returned a final auction clearance rate of 70%, higher than the 69.7% success rate over the week prior when a lower 604 auctions took place. One year ago, 1,221 Melbourne homes were auctioned with 70.1% successful.

In Sydney, the final auction clearance rate remained relatively steady as volumes fell slightly.

There were 805 homes taken to auction, returning a final auction clearance rate of 71.6%. The week prior saw 840 auctions take place and a final clearance rate of 71.3%. One year ago, 940 Sydney homes were auctioned with a higher final clearance rate (76%).

Canberra, a consistent best performer of the smaller capital cities returned the highest clearance rate of 79.3% last week.

Brisbane followed with 57.6% of homes selling, overtaking the usual second highest performing region for auctions Adelaide as the city entered a 3 day lockdown last week.

As a result, the city returned a lower final clearance rate of 48.9% over the week with a withdrawal rate of 41%.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Corelogic Weekend Auctions

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