Auction markets ramping up

By Gerv Tacadena | 20 Oct 2020

Australia's auction markets are starting to return to normal levels as activity in Melbourne ramps up, according to new data from CoreLogic.

Capital cities hosted 1,134 auctions over the weekend, turning in a preliminary success rate of 72.4%.

Melbourne activity started to recover as restrictions lifted. Over the weekend the city hosted 188 auctions, 65% of which turned into a sale. It is crucial to note, however, that of all auctions, 10% were withdrawn prior to the auction date.

Another interesting consideration about the city is the number of homes that got sold prior to the scheduled auction event. Over the past weekend, only 27% of homes were sold ahead of time, lower than the recent trend. Still, Melbourne's recent auction results were a far cry from last year's 915 volume and 73.3% clearance rate.

Sydney, on the other hand, continues to carry the whole auction market, accounting for 60% of overall activity. While volumes were down on a weekly basis, the city's clearance rate remained solid at 75.9%.

Across smaller markets, Canberra dominated sales activity, with 85.7% of 59 auctions turning into a sale. Adelaide, however, reported the highest volume, hosting 78 auctions over the weekend.

The table below shows the performance of auction markets across capital cities: Auction activity across capital cities are starting to return to normal levels of activity

Top Suburbs : padbury , wiley park , berala , willoughby east , alexandra hills

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