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Melbourne auctions set to take an autumn holiday

Melbourne auctions set to take an autumn holiday

Australia’s residential property auction market is set to be much quieter this week as four capital cities enjoy a public holiday.

With Labour Day, Adelaide Cup Day, Canberra Day and Eight Hours Day falling on Monday in Victoria, SA, the ACT and Tasmania respectively, Melbourne, Adelaide and Canberra will see far fewer auctions than usual for the second autumn weekend of the year.

Only 378 properties are slated to go under the hammer in Melbourne according to CoreLogic RP Data, about 70% less than the 1,236 hosted the week before.

The drop in the Victorian capital will drag the national total to 1,371 auctions overall for the week, well down on the 2,304 seen the week before and the 2,556 seen in the same week last year.

Canberra will also see a big drop in auctions, down from 88 last week to just 37 this week.

Despite SA’s horse race public holiday, Adelaide will still host 91 auctions, down only slightly from the previous week.

The country's temporary auction capital for the week, Sydney, will see 671 auctions, down from 708 the week before, while Brisbane's 140 slated auctions are up slightly week-on-week.

CoreLogic has confirmed a final clearance rate of 68.7% for Sydney auctions last week, a drop of 3.4% on the previous week's rate. Melbourne's clearance rate also fell, down to 72.1% from almost 75%. It was the second-lowest result recorded so far in 2016 for both cities.

In Sydney, the city, inner south and northern beaches sub-regions all saw auction clearance rates above 80%, while the Parramatta sub-region struggled with only 43.6% of auctions clearing. Further west, clearance rates were also below 50% in the Blacktown area.

Melbourne's inner east and inner south regions were the city's most successful for auctions, both clearing more than 77% of stock. At the other end, around 65% of auctions cleared in Melbourne's outer east.

With Melbourne taking a break, Sydney north shore suburbs are set to be the country’s busiest for auction activity. Mosman will host 17 auctions, while Lane Cove will host 15.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.