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Capital city auction volumes set to dip slightly

Auction volumes look set to slow slightly this weekend, with 2099 properties expected to go under the hammer across the capital cities.

CoreLogic’s National Auction Market Preview shows that number is down on the 2467 auctions held last week, but it’s still significantly higher than the 413 auctions run a year ago.

Melbourne auction numbers are set to drop 23.6 per cent this ANZAC Day weekend, with 933 homes tipped to go under the hammer, while in Sydney, 812 homes are scheduled for auction.

That’s a drop of 11.6 per cent on the previous week, but up from the 144 auctions held in the harbour city at the same time last year, when the nation was in the grip of the pandemic.

There will also be fewer auctions in Perth, Canberra and Tasmania this weekend and no auctions in Darwin.

Bucking the trend will be Adelaide and Brisbane, with auction volumes in those cities set to increase.

In Adelaide, 173 homes are set to go under the hammer, compared to 82 last week, while Brisbane auction volumes are expected to rise slightly, from 103 to 110. 

The slight dip in overall auction volumes follows strong market performance, with the CoreLogic Quarterly Auction Market Review revealing Australia’s combined capital cities clearance rate reached 80 per cent over the first quarter of 2021.

Last week, the final combined capital city auction clearance rate rose to 78.6 per cent, up from 76.8 per cent the week before, when 2199 auctions took place.

The year before, during a period of COVID-induced restrictions, 1922 auctions were scheduled to occur, but when a large proportion of these were withdrawn the final auction clearance rate was left languishing at 30.2 per cent.

In Melbourne, the final auction clearance rate last week rose to 77.3 per cent, which was higher than the 72.5 per cent recorded the week before.

A year ago, just 27.9 per cent of Melbourne auctions sold.

In Sydney last week, the final auction clearance rate came in at 81.5 per cent, which was just higher than the 81.4 per cent achieved the previous week.

Last year Sydney recorded a final auction clearance rate of 33.8 per cent.

Across the smaller capitals, Canberra recorded a final clearance rate above 90 per cent for the fourth week in a row, with 91 per cent of auctions selling.

In Adelaide, 72 per cent of homes sold, while in Brisbane, the final auction clearance rate was 68.9 per cent.

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