Despite some huge sales since the turn of the New Year, Australia’s auction market is yet to really kick into gear after a week of low activity.
Fewer homes were scheduled to go under the hammer over the past few days, with the long weekend limiting the auction volume and leading to sellers biding their time to sell their properties.
It was a quiet week for the country’s auction figures, with only 249 homes scheduled for auction across the state’s capitals, preliminary figures showing 73.69 per cent clearing.
Of the results collected so far, Brisbane has returned the highest preliminary clearance rate with 90 per cent of auctions returning a successful result.
The bulk of the auction activity took place in Melbourne, with 127 auctions held, while Sydney hosted 37, Adelaide 33, Brisbane 23, Canberra 18 and Perth 11.
Since the city’s tough COVID-19 restrictions were lifted, Melbourne has been at the centre of Australia’s auction market, with CoreLogic data revealing a 65.2 per cent uplift in figures for the December quarter.
CoreLogic’s Eliza Owen says that during the toughest period of the pandemic, many vendors opted to put their plans on pause and sit tight, leading to a build-up of sellers waiting to auction their homes.
“Vendor activity became pent-up during stage four restrictions across the city, leading to a delayed flurry of activity,” she says.
“As restrictions eased we saw new listings soar across Melbourne with people looking to sell, and last year the seasonal drop-off in auction activity happened about a week later than we would typically expect, as agents tried to keep up with vendor demand,” Eliza explains.