Corelogic has recently released its preview for the national auction market, which has been summarised for you below.
This week's capital city auction volumes are predicted to be the second busiest week since 2008, with a steady decline from the record-breaking volumes last week. Across the combined capitals, it is expected that 4,222 properties are to go to auction, which is a 0.7% decline from last week with 4,251 auctions. It is the second time to have a prediction of auction volumes exceeding 4,000. In comparison to last year, there were 2,085 auctions held at this time of the year.
Last week's results
Weekly clearance rate, combined capital cities
While Sydney was expected to set a record with the number of auction volumes, it instead recorded its second busiest. Due to the rise in volumes, Sydney recorded its lowest clearance rate over the year, with a success rate of 67.2%, hosting 1,546 auctions. Last year at this time, Sydney recorded a clearance rate of 72.5% with 886 auction volume.
Melbourne had a clearance rate of 66.3% with an extremely high auction volume of 1,910, which is more than double the volume recorded last year of 909.
Canberra's clearance rate was 84% whilst recording its highest auction volume of 187. Adelaide also recorded its busiest week with 303 auctions and saw a minor decline in the clearance rate of 79.6%. Brisbane recorded its lowest clearance rate of 72.3% with 253 auction volume. Perth sold 26 out of the 51 auctions last week and Tasmania had successfully sold the single auction that was held last week.
Sub-region auction results
For the week ending 28 November 2021
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