CoreLogic has released its Auction Market Preview for the week of July 16, showing more than 1,400 homes scheduled for auction, down -15.6% compared to the same period last year.
“Last year over the same period, a 3.7% week-on-week increase was recorded, as school holiday activities concluded. This week’s activity is -15.6% less than the 1,689 auctions held the same week last year,” said Duane Kaak (pictured above), research analyst at CoreLogic Australia.
Melbourne has the most with 566 homes scheduled for auction, followed by Sydney, which will hold 565 auctions this week. Perth will hold the fewest of auctions, but the activity was equal to the number of auctions held in the same period last year.
Auction activity is up in Brisbane compared to last week with 107 scheduled for this week, while Adelaide has 103 homes scheduled for auction. In Canberra, 72 homes will be auctioned, which is equal to last week but less than the same week last year.
Melbourne’s final clearance rate is up 4.7% to 68%. Sydney also saw an increase compared to the last five weeks, with its final clearance rate up 1.6% to 67.2%. Among the smaller capitals, Adelaide has the highest clearance rate at 78.2%, followed by Canberra with 69.4%, and then by Brisbane with 60.6%, which is up 1.1% compared to the previous week.
“The final clearance rate came in stronger last week at 68.4%, up 3.5 percentage points compared to last week (64.9%), while this time last year, 55.1% of auctions were successful.” Kaak said.
In Perth, five of 12 auctions were successful, while no auctions were held in Tasmania.
