Spring is officially here and Adelaide’s auction market is continuing to bloom.
This week, Adelaide is the only capital city to see a rise in auction volumes according to data from CoreLogic.
In CoreLogic’s Auction Market Preview for September 3, the property analytics firm notes that although spring is expected to bring a lower volume of auctions, Adelaide was the only city to see an increase.
Melbourne and Sydney, the two largest auction markets, are expected to see a decrease in auction activity, with 900 properties scheduled for auction in Melbourne (down 20% on last week) and 725 scheduled for Sydney (down 13%).
Looking at the smaller auction markets, Brisbane (116), Canberra (57) and Perth (21) all declined week-on-week, with the exception of Adelaide, which has 72 auctions scheduled (a 9% increase on the 66 for last week).
Nationwide, there are a total of 1,899 properties scheduled to go under the hammer this week, a drop from last week which saw volumes reach their highest level since June with a total of 2,270 auctions.
Last week, Melbourne’s final auction clearance rate fell from 75.6% the previous week to 72.3%. Sydney also saw a slight decrease, from 67.8% down to 67.4%.
Clearance rates also fell in Brisbane, Perth and Canberra, only improving in Adelaide and Tasmania. According to SA Real Estate News’ Sam Gohra, Adelaide’s clearance rate was a healthy 74% for the fourth week of August.
CoreLogic reports that the best performing non-capital city region last week was Geelong, which recorded an 86.8% clearance rate on 48 auctions.
This week, The busiest suburb is Reservoir in Victoria which will see 17 homes go to auction, followed by Port Macquarie in NSW (16) and Victoria’s Doncaster East (15) and Balwyn North (14).