Approaching Easter break causes auction surge

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The approaching Easter break has seemingly lit a fire under vendors across Australia, with the country’s auction market set for what is easily its busiest week this year.

Accroding to figures from CoreLogic RP Data, volume increases in all markets mean 3,369 homes across the country are set to go under the hammer this week in what is the busiest week since the end of November 2015 when 3,729 auctions were held.

After a down week last week due to the Labour Day public holiday, Melbourne has roared back to claim the title of the busiest individual market, with 1,701 auctions scheduled compared to the 420 held last week.

Melbourne’s clearance rate finished at 68.6% last week, the third highest of any market.

Unsurprisingly after the massive increase in volumes, the five busiest individual suburbs; Glen Iris (29), Kew (26), Reservoir (26), Hawthorn (24) and Northcote (23) are all located in Melbourne.

After holding 729 auctions last week, Sydney has managed to push into four figures in terms of volumes, with 1,074 auctions scheduled.

Sydney finished last week with a relatively strong clearance rate of 71.2%, good for the second highest mark in the country.

Mosman, with 21 auctions is set to be Sydney’s busiest suburb this week.

In Brisbane there 257 auctions scheduled after the Queensland capital held 152 last week and returned a clearance rate of 38.5%.

Adelaide held 95 auctions last week and is expected to see 137 this week.

The South Australian capital posted a final clearance rate of 51.6% last week.

Canberra, which had the nation’s highest clearance rate at 77.8% last week, is set to hold 117 auctions this week, well up on the 37 it held last week.

In Perth, volumes have slightly more than doubled, with 74 auctions scheduled this week comparted to last week’s 74.

Perth’s clearance rate finished last week at 42.4%.
 

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