Race that stops the nation causes Melbourne auction plunge

Auction volumes across the combined capital cities this Saturday will drop ahead of Tuesday’s Melbourne Cup.

The latest Domain data reveals that Melbourne will see the biggest decrease in the number of homes going under the hammer, dropping by more than 50 per cent due to a pause for the Cup long weekend.

The carnival starts with Derby Day on Saturday and Cup Day is a public holiday in Victoria, but many will also take Monday off.

Melbourne’s low figure has pushed down the total number of scheduled auctions across the combined capitals to 1,439, marking a decline of 20.6 per cent from last week. Auction volumes are expected to rise again next weekend following Cup Day.

However, despite this, every capital city bar Melbourne has seen an increase this year in auction volumes.

Domain data shows that Brisbane will mark its highest auction volumes this Saturday since May, and for Adelaide since July. The same goes for Canberra since April.

Although the cities have been hitting strides this year, auction volumes across the combined capitals are still lower than last spring, with a decline of 35.8 per cent.

But the market is seeing more realistic price expectations between buyers and sellers, which is helping the the clearance rate to hold consistently strong this year.

Last Saturday, the combined capitals achieved its highest clearance rate since April at 62.3 per cent. This is the third week in a row that rates above 60 per cent were met.

Properties going to auction this Saturday

81 Probert Street, Newtown, NSW

SOLD - $1,975,000

81 Probert Street, Newtown NSW 2042

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Four-bedroom, two-bathroom Victorian cottage in Sydney’s Newtown has undergone a renovation. Photo: Ray White Erskineville

143 Hawthorne Road, Hawthorne, QLD

SOLD - $1,395,000

143 Hawthorne Road, Hawthorne QLD 4171

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4 Peppin Street, Camberwell, VIC

SOLD - $3,162,000

4 Peppin Street, Camberwell VIC 3124

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7/2 St Annes Terrace, Glenelg North, SA

SOLD - $461,000

7/2 St Annes Terrace, Glenelg North SA 5045

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8 Accession Street, Bardon, QLD

SOLD - $1,370,000

8 Accession Street, Bardon QLD 4065

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