Auctions across Australia’s capital cities are set to exceed 100,000 for the first time, a study from CoreLogic RP Data reported.
Just this week, 1,807 auctions are already scheduled. Capital cities are having 1,489, quite an increase from last year’s 1,332. Once all auctions are sealed, this week shall see the numbers rise to 100,000 in total for the first time ever.
Sydney’s auction market saw the most significant improvement, alongside Adelaide and Canberra.
Sydney is expecting 562 auctions this week, while Melbourne has had 565 already. Brisbane, Adelaide, and Canberra are expecting numbers to be at 160, 111, and 70 for this week, respectively.
Perth’s figures stay low – 16 auctions this week compared to 51 last week – as auctions remain to be a very small part of its market.
The combined capital cities clearance rate for this year is at 67.9% and last year’s figure was 66.2%.
Meanwhile, the highest volume of auctions in the country will be in Marrickville (NSW), with 13 expected.