The auction market is heading into a period of almost unprecedented activity according to Tim Lawless – Head of research at Core Logic. Over the coming week, CoreLogic Australia is tracking around 2,740 auctions across the combined capitals, and the following week auction numbers rocket to around 3,860.
Since the CoreLogic Australia auction series commenced in 2008, there have only been two weeks where the number of auctions held has been higher (November 2014 and March 2018).
The number of upcoming auctions will revise a bit from here, but at the moment it is looking like the strong selling conditions are prompting more vendors to consider auctions as a selling technique.
Finalised auction clearance rates (80% based on the combined capital weighted average over the past two weeks) are on par with the record highs achieved in April 2015.
Such high volumes over the coming weeks will provide the best indication yet about the depth of buyer demand.
Auction volumes are set to rise with 2,240 homes currently scheduled for auction across the combined capital cities this week, up 42.8 per cent on the previous week when volumes dropped due to a public holiday in four of the eight states and territories.
Melbourne is set to host 1,083 auctions this week, up from just 487 over the previous week, although lower than this time last year when 1,201 auctions were held across the city. In Sydney, 836 homes are scheduled to go to auction this week, up from 789 last week and 767 this time last year.
Across the smaller cities, volumes are set to be lower over the week in Perth, while Brisbane and Canberra are expected to see a higher number of homes taken to auction. Adelaide and Tasmania are not expecting to see a change in auction volumes week-on-week.
Watch the most comprehensive and up to date report on auction activity around Australia – powered by CoreLogic – with Eliza Owen exclusively on Realty Media’s Real Estate Talk. See all our shows at Realty.com.au