Last week, CoreLogic predicted the seven-day period would be long – and the preliminary results did not disappoint.
The research group reported that 4,756 homes were auctioned in Australian capitals during the week.
This is the fourth week in a row that more than 4,000 homes in the capital have come under a hammer, a feat according to CoreLogic “has never been seen before.”
Based on preliminary figures from this week, 116,684 auctions in the capital have taken place in the year 2021 to date.
CoreLogic reports that this figure sees it surpass 2017 as the busiest auction year on record when 109,268 homes came under the hammer.
Continuing the trend of previous weeks, high volumes impacted the liquidation rate. Of the 3,838 results already collected, 63.4 percent were conclusive – down from the preliminary clearance rate of 66.6 percent recorded last week, which was then revised down to a rate 64 percent final clearance.
Melbourne recorded its second busiest weekend for auctions – with 2,140 homes under the hammer following a record 2,318 last week.
Of the 1778 results already collected, 62.3% were successful. This is down from the 65.3% preliminary clearance rate reported a week earlier, which was then revised downward to a final clearance rate of 63.3%.
Sydney also had its second busiest auction week on record – however, it turned out to be equal to the last week of November in 2014.
Out of 1,315 results already reported, the city reports a preliminary clearance rate of 60.8%, which is equal to last week’s final clearance rate and down from the preliminary clearance rate of 63, 6% reported for the first time.
According to CoreLogic, it is highly likely that Sydney’s final approval rating will fall below 60% for the first time in 2021 when the final results are released.
Brisbane, Adelaide and Canberra all held their ground. The trio all surpassed the previous week as the busiest auction weeks on record.
Canberra reports a preliminary clearance rate of 73% out of 254 auctions, while Adelaide’s 345 auctions led to a preliminary pass rate of 71.1%.
In Brisbane, a preliminary auction liquidation rate of 69.9% was reported out of a record total of 351 auctions.
reports a preliminary clearance rate of 51.9% on 27 auctions, out of a total of 32.
In Tasmania, two of the three scheduled auctions were withdrawn, with a final result yet to be recovered.
Christmas and beyond
With Christmas Day falling this Saturday, CoreLogic noted that auction activity would “slow down sharply”.
Only around 600 auctions are expected to take place over the coming week – but it was noted that this figure is “still remarkably above average for the approach of Christmas”.
Activity typically rebounds in late January or early February, but CoreLogic has hinted that we might see an earlier start if December’s momentum continues.
Real estate is a type of real estate that refers to any land and its permanent improvement or accompanying structures, whether natural or man-made.