Auctions surge before spring selling season on back of rates cuts
Research shows 2,127 capital homes scheduled for auction this week – marking the first time auction volumes have risen above 2,000 since late-June.
A PRE-spring surge in auctions will take the number of homes going under the hammer above 2,000 this weekend.
And the upward trend is set to continue into the last weekend of August with another bumper crop of auctions.
Cotality research analyst Caitlin Fono said: “There are currently 2,127 capital city homes scheduled for auction this week – marking the first time auction volumes have risen above 2,000 since late-June when there were 2,044.
“This is up 10.7 per cent on last week when 1,921 auctions were held.
“Auction activity is expected to hold reasonably firm next week, with around 2,150 homes currently scheduled to go under the hammer across the combined capitals.”
Melbourne is the busiest auction market this week, with 978 homes set to go under the hammer.
Last week saw 932 homes taken to auction, while this time last year, 938 auctions were held across the city.
There are 760 homes scheduled for auction in Sydney this week, up from 705 last week. Over the same week last year, 816 homes were taken to auction across Sydney.
Across the other capitals, auction activity is expected to rise everywhere except Perth.
There are 176 homes scheduled to go under the hammer in Brisbane this week, up from 136 last week. Adelaide is up from 85 to 124 this week. Canberra is up from 51 to 77. Tasmania is up from one to two auctions. Perth is down to 10 auctions, compared to 11 last week
Last week saw 1,921 homes taken to auction across the combined capitals, up 21.0 per cent on the previous week when there were 1,587.
The combined capitals recorded a clearance rate of 69.8 per cent last week, with 1,921 auctions held – the strongest result since mid-February.
Melbourne saw 932 auctions with a clearance rate of 69.1 per cent, up from 68.6 per cent the week prior.
Sydney held firm above 70 per cent for the third week, with 705 auctions and a clearance rate of 71.7 per cent.
Brisbane cleared 66.2 per cent of 136 auctions, up from 58.9 per cent.
Adelaide hosted 85 auctions with a 67.1 per cent clearance rate. Canberra cleared 72.5 per cent of 51 auctions. Perth had 11 auctions with a 63.6 per cent rate, while Tasmania’s single auction was successful.
