Auction market slowly gaining steam

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Australia’s auction market is slowly gathering steam; with figures from CoreLogic RP Data showing more than 1,100 homes are set to go under the hammer this week.

According to CoreLogic, 1,174 auctions are so far scheduled for this week, up from the 916 held last week; however it is below the 1,541 held over the same week 12 months ago.

It’s not just vendors who are increasing; buyers too seem to be becoming more plentiful, with last week’s clearance rate of 70.1% coming in much higher than the previous week’s 59.4%.

Auctioneers will be at their busiest in Melbourne this week, with the Victorian capital scheduled to hold 491 auctions this week, compared to the 268 last week.

Melbourne was the best performing market last week, with it posting a clearance rate 77.6%.

Sydney wasn’t too far behind its Victorian counterpart, returning a clearance rate of 75% from its 313 auctions.

Sydney is scheduled to hold 393 auctions this week.

Brisbane will be nation’s next busiest city, with it to hold 96 auctions compared to the 111 it held last week.

Brisbane’s clearance rate finalised at 54% last week.

Adelaide is predicted to hold 80 auctions this week after holding 111 last week which returned a clearance rate of 70.5%.

After holding 71 auctions las week and returning a clearance rate of 71.4%, Canberra is expecting 52 auctions this week.

Perth is set to see a small bump in volumes this week, with it to hold 41 auctions this week compared to the 38 it help last week, from which it returned a clearance rate of 35.3%.

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