Australian auction markets held up despite the challenges of the pandemic, marking their busiest auction year on record.
According to CoreLogic, in the year to December 19, Australia hosted 116,684 auctions, overtaking 2017 as its busiest year on record.
The report also found that 4,756 homes went under the hammer in capital cities last week, the second busiest week since registration began in 2008.
Last week also marked the fourth consecutive week in which more than 4,000 homes were auctioned in the capital, a feat never before achieved.
Given the volume of homes to be auctioned, eviction percentages continued to fall.
Of the collected results from the past week, 63.4% went into a sale. This was lower than the preliminary success rate of 66.6% in the previous week.
Melbourne hosted the highest number of auctions in the past week, with 2,140 homes going under the hammer.
Meanwhile, Canberra registered the highest clearance rate at 73%. However, this was lower than the 87.6% achieved in the same period last year.
The smaller markets of Brisbane, Adelaide and Perth recorded higher clearance rates than a year ago, along with a significant increase in auction activity.
CoreLogic analyst Caitlin Fono said auction activity will slow sharply towards the end of the year in the coming weeks.
“Activity does not normally recover until late January or early February, but we could see an earlier start to the season if momentum continues from December through 2022,” she said.
Photo by @ekaterina-bolovtsova on Unsplash.
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