Surge in Volume as Australia’s Auction Market Picks up the Pace

Just like the stormy weather that hit parts of Australia last week, there was also a sudden surge in the number of homes taken to auction, boding well for the property market as we head towards summer.

Halloween weekend certainly went down a treat with auction goers across the capital cities!

Weekly data released by CoreLogic showing a total of 1,757 homes taken to auction, over 200 more than this time last year.

The figure was also over 300 more than the week prior and the 1,757 returned a preliminary clearance rate of 77%, up marginally on the week prior but incredibly, the highest since March 1.

Melbourne hosted 604 auctions, up from 490 the week prior, which returned a preliminary clearance rate of 75.8%.

The week before the Melbourne Cup is usually a quiet one for the city’s auction market, however, with the recent easing of restrictions, it’s no surprise buyer activity wasn’t affected like normal.

Sydney saw 864 auctions post a preliminary clearance rate of 79.6$, in comparison with 712 returning 80.4% the week prior.

Expect Melbourne to overtake Sydney as Australia’s leading auction market in the coming weeks, as long as no COVID-related issues arise, as pent up demand is certainly translating into buyers making their move and getting their hands on the property they have been eyeing up during lockdown.

Across the smaller capitals, Canberra outperformed its rivals, with a preliminary clearance rate of 81.7% returned from 85 scheduled auctions.