A stack of properties around Australia will go under the hammer this weekend

Source: Getty Images
  • Over 3,000 properties across Australia will go to auction this week, the highest number this year.
  • All capitals will see an increase week-on-week.
  • A final clearance rate of 66.1% was reported last week, led by a noticeably strong performance from Sydney.

Australia’s property market is now back in full swing following its seasonal summer slumber with a stack of properties set to go under the hammer this weekend.

According to CoreLogic, there are currently 3,017 properties set to go to auction, up substantially on the 1,992 of a week earlier.

“Melbourne and Sydney are the two busiest capital city auction markets this week with 1,485 and 1,120 auctions scheduled, up from 932 and 737 last week,” the group says.

“Craigieburn in Victoria is the busiest suburb for auctions across the nation this week with 22 homes set to go to go under the hammer. Following closely is Randwick and St Ives in New South Wales with 21 scheduled auctions.”

Auction volumes in all other capitals will also increase week-on-week.

Source: CoreLogic

With the flood of properties hitting the market, it will provide the first real indication of buyer demand for early 2018.

Last week, a national clearance rate of 66.1% was achieved, up from 63.7% a week earlier. The increase came despite auction volumes lifting substantially from 1,470 in early February.

Source: CoreLogic

Melbourne and Sydney recorded the strongest clearance rates of the capitals with 69.8% and 67.8% of properties selling.

“There were 932 Melbourne auctions held last week, increasing from the 619 over the week prior. However, final results saw the auction clearance rate fall, returning a 69.8% clearance rate, down from the 70.7% the previous week,” CoreLogic said.

“In Sydney, the final auction clearance rate rose to 67.8% with 737 auctions held, up from 522 the week prior when 61.1% sold.”

The performance of the Sydney market is notable given clearance rates were close to 50% just a few months ago.

Of the remaining capitals, Perth was the only capital city that saw clearance rates increase.

This table from CoreLogic shows the performance of individual regions in Sydney and Melbourne during the week.

Source: CoreLogic

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.