17 May …and the market holds its breath!
…and the market holds its breath!
- Election almost halves auction numbers
- Last week clearances remain above 50%
- The tail begins to wag the dog
Final auction results for last week show that 1,218 residential homes were taken to auction with a 54 per cent final auction clearance rate; the highest final auction clearance rate seen since mid-September last year. The week prior saw a higher 1,479 auctions take place, when 52.5 per cent cleared.
The week ahead
This week, CoreLogic is currently tracking 868 capital city auctions, decreasing from the 1,218 auctions held last week. While one year ago a significantly higher 2,100 auctions were held. The lower volumes this week is likely attributable to the upcoming election this weekend.
As usual, Melbourne and Sydney are the two busiest capital city auction markets this week, with 398 and 259 homes scheduled to go to auction; down from last week’s final result which saw 546 and 445 auctions held across the cities respectively.
Across the smaller auction markets, activity is expected to be higher week-on week across Perth, while the remaining cities are set to see a lower number of homes taken to auction.
Watch for Geoff White’s thoughts about the weekend ahead and the numbers around the country and then join him on Monday as he gives the most comprehensive national roundup of the full week’s activity and a look inside the top sales.