Auction volumes and clearance rates took a bit of a dip over the weekend with a public holiday on Monday in four of the eight states and territories to blame, according to experts.
But auctions are expected to rebound this week, with high potential to chalk up the second busiest auction week of 2023.
CoreLogic figures showed 1282 homes were taken to auction across the combined capital cities this week, a 37.6 per cent fall on the 2054 auctions help the week prior and this time last year.
The preliminary clearance rate for the results on the 1091 collected so far was 65 per cent.
This represents a drop on the previous week’s preliminary clearance rate of 70.3 per cent, which revised down to 66.3 per cent at final figures.
“Auction volumes are set to rise again next week with around 2350 homes currently scheduled for auction across the combined capital cities,” CoreLogic said in its Weekend Market Summary.
“ If all of those auctions go ahead, it will be the second busiest auction week so far this year, with the busiest being the weekend ending February 26.”
Auction figures showed a slightly different story in Domain’s figures with a national clearance rate of 68.9 per cent from 650 reported auctions.
Last week the national clearance rate was 66 per cent from 1475 reported auctions.
The value of property sold totalled $385.4 million, with a median price of $1.21 million for houses and $815,000 for units.
The most expensive property sold was 2 Cliffbrook Pde, Clovelly, for $13.25 million by PPD Real Estate.
Ray White’s preliminary auction report showed a clearance rate of 63.3 per cent from 452 auctions.
“Our national auction volume is down 20 per cent compared to last week, due to public holiday long weekends in Victoria, South Australia, the ACT and Tasmania,” the report said.
“However, March will still outperform January by 66 per cent.”
Ray White said 69 per cent of sellers were owner-occupiers, while 25 per cent were investors.
Owner-occupiers accounted for 75.8 per cent of buyers, while investors made up 20 per cent.