More auctions scheduled this weekend, but will decrease for grand finals: CoreLogic

More auctions scheduled this weekend, but will decrease for grand finals: CoreLogic
More auctions scheduled this weekend, but will decrease for grand finals: CoreLogic

More auctions are scheduled across the combined capital cities this week with 2,305 currently being tracked compared to 2,149 over the previous week, according to CoreLogic's latest market report.

Given the AFL and NRL grand finals will be held over the following weekend, plus a number of public holidays across the nation, auction activity is expected to drop, so some of this week’s increase can be directly attributed to that.

Historically, Melbourne shows the greatest fall in auction activity over this weekend, however although the influence across the other cities is less apparent, it will still contribute to an overall fall away in auction activity after this week.

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More auctions scheduled this weekend, but will decrease for grand finals: CoreLogic

Capital city auctions this week:

• Sydney: 864

 • Melbourne: 1,046

• Brisbane: 127

• Adelaide: 118

• Perth: 52

• Canberra: 82

Reservoir, in Melbourne, is by far the busiest individual suburb for auctions this week, with 28 scheduled. The next busiest suburb is also in Melbourne, with Richmond set to host 19 auctions this week.

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More auctions scheduled this weekend, but will decrease for grand finals: CoreLogic

Summary of last week’s results:

Last week, 76.2 percent of capital city auctions that were reported to CoreLogic were successful. This result represents a rise from the previous week (76.2 percent), but is lower than the recent high of 77.1 percent over the week ending 4 September.

Last week, the two major auction markets remained the strongest performing, with clearance rates of 81.6 percent and 77.8 percent in Sydney and Melbourne respectively. In Sydney, there were multiple sub-regions where the weekly clearance rate surpassed the 90 per cent mark last week, while in Melbourne four out of the nine sub-regions recorded a clearance rate of at least 80 per cent.

Adelaide, at 74.7 percent and Canberra, at 72.0 percent, also recorded a strong result last week, a good indicator of the respective auction markets, given auction activity also increased in both cities.

Outside of the capital cities, regional auction market performance was mixed. The busiest region was Queensland’s Gold Coast, with 57 results, however only 32.5 percent of auction results were reported as successful. On the other hand, Wollongong’s auction clearance rate was approaching the 90 percent mark, however only 38 homes were taken to auction.

Tags: 
Auctions Corelogic

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