Auction numbers continue to climb after the election
The 1,784 auctions held over the past week was the highest volume since the week prior to Easter when 3,146 homes went under the hammer.
IMPROVED certainty following the Federal Election has continued to support markets. Cotality Australia’s Tim Lawless says.
For the second week running, preliminary auction rates were above 70 per cent.
The 1,784 auctions that were held over the past week was the highest volume of auction events since the week prior to Easter when 3,146 homes went under the hammer, according to the analyst.
And the numbers are set to continue with 1,820 homes going under the hammer this week – and up to more than 2,200 following the Reserve Bank’s anticipated rate call on the 20th.
“The number of auctions was up 11.8 per cent on the week prior but continues to hold well below levels a year ago (-23.7 per cent) when housing conditions were much stronger,” Mr Lawless said.
“The preliminary auction clearance rate held above the 70 per cent mark for the second week running at 70.2 per cent, roughly in line with the prior week which recorded a preliminary clearance rate of 70.1 per cent (revised down to 63.1 per cent (once finalised).”
A nationwide total of 1,820 auctions is scheduled for Saturday alone.
That number is expected to rise even further with 2,200 already posted for the following week.
Victoria leads the pack with 945 auctions this weekend, including 879 in Melbourne, showing continued strength in its property market.
New South Wales follows with 552 Saturday auctions, 511 of those in Sydney, and another 318 scheduled across the rest of the week.
Queensland is holding steady with 134 auctions on Saturday, including 86 in Brisbane, almost matched by mid-week activity. South Australia is also active, with 117 Saturday auctions, mostly concentrated in Adelaide (114).
Smaller markets like Canberra (61), Western Australia (7), and the Northern Territory (2) still show movement, while Hobart joins the action with a small handful.
