Public holiday pours cold water on auction activity

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Australia’s auction activity is set to be more subdued this week as the upcoming long weekend brings down volumes in the majority of markets.

According to CoreLogic, just 976 auctions are scheduled across Australia’s capital cities this week, significantly lower than the 2,008 that were held last week.

Over the same week last year, 2,076 auctions were held, however the same public holidays were a week prior las year and 1,201 auctions were held that week.

Last week’s national clearance rate finalised at 68.2%, a slight rise on the previous week’s 67.7%.

With 400 auctions scheduled, Sydney has taken the mantle as the nation’s busiest market from Melbourne this week.

Sydney’s clearance rate for last week finalised at 72.9% from its 692 auctions, the highest mark recorded of any capital city.

This week Mosman will be the nation’s busiest individual suburb with 11 auctions scheduled, while Millers Point is scheduled to hold 10.

After holding 970 auctions last week, Melbourne’s volumes have plummeted to just 300 this week.

The Victorian capital recorded the next best clearance rate behind Sydney’s last week at 71.1%.

Adelaide’s auctioneers are also set for quieter weekend, with just 61 auctions scheduled.

Last week saw the South Australian capital hold 98 auctions and return a clearance rate of 60.7%.

Canberra’s market is also set to be significantly quieter with just 30 auctions scheduled this week after 82 were held las week.

Canberra’s clearance rate finalised at 52.4% last week.

With no long weekend, auction activity has slightly picked up in Brisbane this week.

The Queensland capital is set to hold 135 auctions this week, up from 130 last week.

With eight auctions scheduled Brisbane’s New Farm will be the third busiest suburb in the country this week.

Brisbane finished last week with a clearance rate of 48.2%.

Perth too has no long weekend upcoming and its volumes have risen from 28 last week to 43 this week.

Perth’s clearance rate came in at just 13% for last week.

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