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Melbourne Cup rush to market

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Big numbers come in for Melbourne as the Cup date races closer.


Auction Update: Kick-off airs every Friday at 3:00 pm +11 UTC, LIVE on Facebook, Twitter and YouTube.

Last week

There were 1,955 homes taken to auction across the combined capital cities last week, returning a final clearance rate of 72.1 per cent.


This week and weekend

Auction activity is set to rise across the combined capital cities this week with 2,436 homes scheduled to go under the hammer, making it the busiest week for auctions so far this year. In comparison, there were 1,955 homes taken to auction over the previous week, while this time last year, a higher 2,928 auctions were held.

The increase in auction activity is largely due to Melbourne, where vendors are rushing to auction prior to the Melbourne Cup week slowdown. The city is currently expecting around 1,435 auctions this week, the busiest week Melbourne has seen since this time last year, when 1,709 homes were taken to auction.

Sydney is set to see auction volumes remain relatively steady week-on-week, with 729 homes set to go under the hammer this week, while one year ago, 798 auctions were held across the city.

As for the smaller auction markets, Adelaide and Tasmania will see auction volumes increase week-on-week, while Brisbane, Canberra and Perth will see fewer auctions.

Watch for Kevin Brogan’s thoughts about the weekend ahead and the numbers around the country and then join him on Monday as he gives the most comprehensive national roundup of the full week’s activity and a look inside the top sales in 6 capital cities.


Tags :

real estate property auction bidding Melbourne

Release Date:

25 October, 2019

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Standard

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