Anzac Day puts a dampener on auction market

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The impending long weekend has resulted in a dip in volumes for Australia’s auction market.

Figures from CoreLogic RP Data have revealed there are 1,372 auctions scheduled this week, with the Anzac Day long weekend credited with bringing volumes down from last week’s mark of 1,699.

Last week’s national clearance rate finalised at 67.4%, slightly up on the previous week’s 67.1% but below 70% for the third straight week.

Despite recording the largest drop in volumes across the week, Melbourne will again be the busiest market this week.

The Victorian capital is expected to hold 546 auctions this week, down from last week’s 889 from which it recorded a clearance rate of 71.5%.

Despite the solid fall in volumes, Melbourne is still home to the nation’s busiest individual suburbs, with Mount Waverley (14) and Craigieburn (12) and reservoir leading the way this week.

Sydney is only just behind Melbourne in terms of volumes, with the harbour city seeing an increase in listings despite the public holiday.

Sydney is expecting 535 homes to go under the hammer this week, up from last week’s 477.

Sydney’s clearance rate finalised at 69.8% last week.

Volumes have taken a small dive in Brisbane, with 114 auctions predicted for this week,

Last week the Queensland capital held 144 auctions, returning a final clearance rate of 47%, the second lowest across the country for the week.

Adelaide has also seen a small fall, with volumes down to 92 this week compared to last week’s 100.

The clearance rate in Adelaide finished at 61.7% last week.

Perth recorded the lowest clearance rate last week at 23.1% from its 31 auctions and is expected to hold 27 this week.

Canberra has seen a small bump in volumes this week from 49 to 52.

The national capital finished last week with a clearance rate of 68.9%.
 

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