Holiday weekend has marked effect on auction numbers
Less than a thousand properties go for auction nationally but clearance rate rises to above 60 per cent mark.
ANZAC Day commemorations and long weekends across several states weighed heavily on market activity last weekend.
Only 757 capital city homes went for auction, down from 2551 the week prior, and 29.6 per cent lower relative to the same week a year ago.
Property data firm Cotality said the preliminary auction clearance rate responded positively amid lower volumes, rising to 60.7 per cent from 58.9 per cent the week prior.
“This was the first time in four weeks that the early clearance rate has been above the 60 per cent mark, albeit trends differed widely across the country,” Cotality said.
Sydney recorded the most auctions last week, with 257 homes put on the auctioneer’s block.
While the preliminary clearance rate nudged higher to 59.1 per cent, from 56.5 per cent the week prior and a recent low of 53.4 per cent over the Easter long weekend, this was the fifth week in a row where Sydney’s preliminary clearance rate has been below the 60 per cent mark.
The number of auctions is set to rise to around 960 this week.
Some 242 auctions were held in Melbourne over the week, down from 1231 the week prior. The preliminary clearance rate rose to 62.5 per cent, the highest early auction result since the last week of March.
Adelaide was the most active among the smaller auction markets, with 135 homes going under the hammer, recording a preliminary clearance rate of 69.4 per cent.
Brisbane saw 87 auctions held, with 52.7 per cent reporting a successful result, the lowest early clearance rate since the first week of May last year.
Only 29 homes were auctioned in Canberra with only 50 per cent reporting a positive result on the early collection.
Auction activity will rebound to more normal levels this week, with around 2650 homes currently scheduled to go under the hammer, drifting back to around 2230 the week after.
