Australian auction markets have remained firm despite the challenges of the pandemic, marking its busiest auction year on record.
According to CoreLogic, Australia held 116,684 auctions during the year through December 19, surpassing 2017 as the busiest year on record.
The report also showed that over the past week, 4,756 homes suffered damage in capital cities, the second busiest week since the records began in 2008.
Last week also marked the fourth week in a row that more than 4,000 homes in the capital were auctioned, a feat never before achieved.
Given the volume of homes auctioned, liquidation rates have continued to decline.
Of the results collected over the previous week, 63.4% were sold. This is a decrease from the preliminary success rate of 66.6% in the previous week.
Melbourne hosted the highest number of auctions in the previous week, with 2,140 homes coming under the hammer.
Meanwhile, Canberra recorded the highest liquidation rate at 73%. However, that figure was lower than the 87.6% it reached during the same period last year.
The smaller markets of Brisbane, Adelaide and Perth have seen higher liquidation rates than a year ago, as well as a significant increase in auction activity .
CoreLogic analyst Caitlin Fono said auction activity is expected to slow sharply over the next few weeks at the end of the year.
"Activity doesn't normally rebound until late January or early February, but we might see an earlier start to the season if December's momentum continues into 2022", a- she declared.
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Photo by @ ekaterina-bolovtsova on Unsplash.
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