Auctions this week
This week, there are 11 homes scheduled for auction in Glen Waverley (Vic), making it the busiest capital city suburb for auctions. Bentleigh, Bentleigh East, Footscray and Glen Iris (all in Vic) come in equal second busiest with eight scheduled auctions each.
There are 1,044 capital city homes scheduled for auction this week, with auction activity expected to remain somewhat steady on last week, when 1,108 homes went to auction. Over the same week last year a higher 1,402 auctions were held across the combined capital cities.
Melbourne has 471 auctions scheduled across the city this week, down 5.8 per cent on last week when 500 homes were auctioned.
Volumes are set to be lower week-on-week across Sydney this week, with 351 homes scheduled for auction, down on the 386 auctions held last week.
Across the smaller auction markets, scheduled auction volumes are lower across Adelaide and Brisbane, while Perth and Tasmania are set to see an increase in activity this week.
Summary of Last Week’s results
Last week, a final auction clearance rate of 66.4 per cent was recorded across the combined capital cities, falling on the week prior when the final clearance rate reached its highest level in two years (68.6 per cent). The lower clearance rate over the week was across a similar volume of auctions with 1,108 homes taken to market. While slightly fewer homes sold at auction last week, the weighted average has remained above 65 per cent for four consecutive weeks now. Compared to one year ago, clearance rates are currently around 10 percentage points higher, however volumes continue to track lower year-on-year.
Melbourne and Sydney’s final auction clearance rate remained above 70 per cent last week, making it the second consecutive week above this mark for Melbourne and the fifth for Sydney.
There were 500 Melbourne homes taken to auction last week, 70.9 per cent of which cleared at auction, down on the 71.7 per cent clearance rate over the week prior when volumes were slightly higher (544).
Sydney returned a final clearance rate of 72 per cent across 386 auctions last week, down on the 75.7 per cent over the previous week when 394 homes went to auction.
Across the smaller auction markets, Canberra came in with the highest final clearance rate of 52.8 per cent, while Brisbane followed closely with 51.4 per cent of homes successful at auction.