“Christmas is coming but no one told the auction market,” CoreLogic said.
Its latest figures show auction markets in combined capital cities have no plans to slow down in the week before Christmas, with 4,880 properties currently expected to go under the hammer.
This marks the second-busiest week since records commenced in 2008 and the fourth consecutive week where volumes have exceeded 4,000, CoreLogic reported. The pre-Christmas rush peaked last week with 4,981 homes taken to auction, double the volume for the same period in 2020.
Both Melbourne and Sydney are also expected to post their second-busiest weeks on record, as they will be host to 2,179 and 1,467 auctions this week, respectively.
Like combined capital cities, their figures experienced a slight decline from last week, but still made a remarkable jump from last year.
Meanwhile, smaller markets are doing better than ever as they are predicted to break the records set last week. Brisbane is leading the pack with 361 scheduled auctions, followed by Adelaide at 348 and Canberra at 252.
The graph below recaps the auction market performance and its final clearance rates for the week ending Dec. 12.