Capital cities face busiest week since March as Christmas nears

by Micah Guiao19 Nov 2021

The combined capital cities are experiencing their busiest week since late March with 3,810 homes taken to auction, more than double the volume recorded in the same time last year, according to the latest figures from CoreLogic.

This week also marks the fourth busiest week since CoreLogic’s records started in 2008.

Melbourne has posted its seventh consecutive week with volumes above 1,000 with 1,651 auctions, while Sydney is set to post its busiest week the entire year with 1,439 auctions.

Since restrictions lifted in early October, auction volumes have increased by a staggering 91.1%.

The data for smaller capital markets is similar as they also experience their busiest auction weeks on record. Adelaide is leading with 260 auctions, followed by Brisbane at 250 and Canberra at 180.

According to Justin Nickerson, a leading auctioneer in the South East Queensland market, the uptick in auctions is typical of a pre-Christmas rush.

“You get a real push in this time of year,” Nickerson said. “People also want to sell pre-Christmas, so they don’t have the burden of being in that limbo period when the industry shuts down from late December to mid-January.”

The graph below recaps last week’s auction market performance and its final clearance rates.