The number of auctions scheduled across the combined capital cities this week is expected to see a slight fall, with 1,878 properties scheduled to go under the hammer, after last week saw volumes reach their highest levels since June (2,040).
Across the two largest auction markets, Melbourne and Sydney, volumes are expected to decrease, with 907 homes scheduled to go to auction across Melbourne and Sydney set to host 666 auctions, down from last week’s 955 and 798 auctions respectively.
Across the smaller markets, activity is to be varied this week, with Brisbane, Canberra and Tasmania set to see an increase in activity week-on-week, while Adelaide and Perth the number of auctions scheduled this week are slightly lower.
When compared to last year, volumes continue to track higher each week than what was seen over the corresponding July- August period last year (1,795).
Victoria has all the busiest suburbs for auctions this week, with 19 homes scheduled to go to auction in Craigieburn and Reservoir, while Pakenham will host 15 auctions and Bentleigh East with 14.
Summary of Last Week's Results
Capital city auction clearance rates fell last week, down to 67.5 per cent, compared to 68.2 per cent over the previous week. The number of auctions increased last week, with 2,040 capital city auctions held, which was the highest volume seen since June this year, up from the 1,857 over the previous week.
Last week saw Melbourne’s clearance rate weaken to 69.8 per cent, from 73.9 per cent the previous week, the last time Melbourne’s clearance rate recorded below 70 per cent was in July last year. While for Sydney, final results show that the clearance rate for the city increased to 67.6 per cent from 66.4 per cent the previous week. Volumes across each market were higher week-on-week, with 955 auctions held in Melbourne, increasing from 911 the week prior and Sydney volumes increased to 798 last week, up from the 620 the previous week.
Across the remaining capital cities, clearance rates improved in Adelaide and Canberra, while Tasmania’s clearance rate remained unchanged and Brisbane and Perth’s final clearance rate fell over the week.
The Gold Coast region was the busiest non-capital city region last week, with 49 auctions held, however the clearance rate for the region was the lowest (32.3 per cent), while the Hunter region recorded the strongest clearance rate with 88.9 per cent of the 36 auctions successful.