Auction activity across the combined capital cities is set to rise, with CoreLogic currently tracking 2,836 scheduled auctions this week. This week’s volumes are expected to be up by 12.7% on last week’s final figures (2,517). One year ago, there were a lower 2,201 auctions held over the same week.
Both Melbourne and Sydney, Australia’s two largest markets are set to see a higher number of homes auctioned this week, with 1,464 Melbourne homes currently scheduled to go under the hammer, up from the 1,248 held last week and 1,051 homes scheduled for auction across Sydney, up from the 963 last week.
Across the smaller auction markets, scheduled volumes are higher week-on-week in Brisbane and Canberra, while there are fewer auctions expected to take place in Perth.
Summary of last week’s results
The final weighted average clearance rate came in at 72.7% last week as volumes rose across the combined capital cities. While the result was lower than the 73.3% success rate the week prior, the true test of auction market strength was in the sheer volume of auctions last week with 2,517 homes taken to auction compared to the week prior when 1,596 auctions were held. Over the same week last year, 2,293 capital city homes were taken to auction when less than half sold (49.4%).
Melbourne’s final auction clearance rate rose as volumes increased over the week, with a total of 1,248 auctions held across the city returning a 76.1% final clearance rate; the highest result of the capital city markets last week. The week prior saw 743 auctions held across the city when 76% sold.
In Sydney, a final auction clearance rate of 74.5% was recorded across 963 auctions, down from the previous weeks 75.4% when a lower 583 auctions were held.
Across the smaller auction markets, Canberra was the best performing in terms of clearance rate with 74% of the 76 homes taken to auction reporting a sold result. Perth returned the lowest clearance rate of 25% (30 auctions).