After a lull over the school holiday period, Australia’s property market will spring back to life this weekend with a sharp lift in auctions across the country.
According to CoreLogic, 2,342 properties are currently scheduled to go under the hammer, up from the 1,799 in the previous week.
1,218 auctions will take place in Melbourne, up from 914 a week ago.
“All of the busiest suburbs for auctions are in Victoria,” says CoreLogic.
“Hoppers Crossing tops the list with 21 homes scheduled to go to under the hammer, followed by Craigieburn with 18 scheduled auctions, while Port Melbourne, Reservoir and Richmond each have 16 scheduled auctions.”
Auction volumes will also increase in Sydney, lifting from 588 to 737 week-on-week.
All of Australia’s smaller auction markets will also see an increase in properties going under the hammer.
In the prior week, a combined national capital city clearance rate of 62.2% was recorded, up from 61.7% a week earlier.
“Melbourne and Sydney returned an equal 63.6% auction clearance rate last week, both recording an increase on the week prior when 62.4% of Melbourne auctions cleared and a 61.5% success rate was recorded across Sydney,” CoreLogic says.
“The performance across the smaller auction markets were mixed last week with clearances rates improving in Brisbane and Tasmania while Adelaide, Canberra and Perth all saw a fall.”
CoreLogic says both clearance rates and auction volumes across the combined capitals have remained relatively steady over each of the past three weeks with clearance rates consistently in the low 60% range and volumes around the 1,800-1,900 level.
This table from CoreLogic shows the regional performance in Sydney and Melbourne, Australia’s busiest auction markets, over the week.
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