The busiest suburbs for auctions across the nation this week are in:
- Glen Waverley (Vic) - 24 auctions
- Mosman (NSW) & Reservoir (Vic) – 23 auctions
- Preston (Vic) – 22 auctions
The combined capital cities are set to see the busiest week for auctions this year, with 2,774 homes scheduled to go under the hammer, higher than last week’s 2,612 auctions held and the 2,749 recorded last year.
While the weighted average clearance rate has improved over the second half of the year, coming in above 70% most weeks since mid-August, volumes have remained somewhat lower relative to previous years. However the last few weeks have seen volumes start to trend higher with this week a true test of market strength during what is usually one of the busiest periods for auctions.
There are 1,397 Melbourne homes scheduled for auction this week, with volumes expected to be higher than last week (1,221) and last year (1,378).
In Sydney, just under 1,000 homes will be auctioned this week, up on last week’s 940 and the 937 held one year ago.
While across the smaller auction markets volumes will increase in Adelaide and Tasmania, while Brisbane, Perth and Canberra have fewer scheduled auctions week on week.
Summary of Last Week’s results
Last week, 2,612 capital city homes were taken to auction, increasing on the 2,590 auctions held the previous week. The higher volumes saw the final auction clearance rate dip below 70%, returning a 68.5% success rate. One year ago, 2,701 auctions took place over the same week when a much lower 41.9% cleared.
In Melbourne, 1,221 auctions took place across the city returning a final auction clearance rate of 70.1%, which was lower than the 74.3% the week prior when volumes were slightly higher (1,242). Last year, a lower 1,132 auctions were held across Melbourne with only 41.4% selling.
Sydney was the best performing auction market last week, returning a 76% success rate across 940 auctions, improving on the week prior when 71.9% of the 947 auctions cleared. One year ago, 1,035 Sydney homes were auctioned with a much lower success rate (44.8%).
Canberra was the best performing of the smaller auction markets last week, with 66.3% of the 99 auctions returning a successful result, followed by Adelaide (54.2%), Brisbane (40.7%) and Perth (21.7%).