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Australia\u2019s auction markets stood firm despite the challenges of the pandemic, marking its busiest auction year on record.<\/p>\n
According to CoreLogic, Australia hosted 116,684 auctions over the year to 19 December, overtaking 2017 as the busiest year on record.<\/p>\n
The report also showed that over the past week, 4,756 homes went under the hammer across capital cities, the second busiest week since records began in 2008.<\/p>\n
The past week also marked the fourth consecutive week where more than 4,000 capital city homes have been taken to auction, a feat that was never achieved before.<\/p>\n
Given the volume of the homes listed for auction, clearance rates continued to trend lower.<\/p>\n
Of the collected results over the previous week, 63.4% proceeded to a sale. This was down from the preliminary success rate of 66.6% during the preceding week.<\/p>\n
Melbourne hosted the highest number of auctions over the previous week, with 2,140 homes going under the hammer.<\/p>\n
Meanwhile, Canberra registered the highest clearance rate at 73%. This, however, was lower than the 87.6% it achieved during the same period last year.<\/p>\n
The smaller markets of Brisbane, Adelaide<\/a>, and Perth<\/a> recorded higher clearance rates from a year ago, along with a significant increase in auction activity.<\/p>\n CoreLogic analyst Caitlin Fono said auction activity is set to slow sharply over the coming weeks as the year ends.<\/p>\n \u201cActivity doesn\u2019t normally rebound until late January or early February, however we could see an earlier start to the season if the December momentum carries through to 2022,\u201d she said.<\/p>\n \u2014<\/p>\n Photo by @ekaterina-bolovtsova on Unsplash.<\/p>\n<\/p><\/div>\n
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