Mount Waverley in Melbourne is the busiest suburb for auctions this week, with 10 homes scheduled to go under the hammer. Following on from Mount Waverley, two more Melbourne suburbs; Glen Waverley and Reservoir, along with the Sydney suburb of Surry Hills are expecting to see 9 homes each taken to auction.
Auction volumes are expected to fall across the combined capital cities this week with CoreLogic currently tracking 1,144 auctions, down from both last week (1,479) and this time last year (2,279).
Melbourne is expecting to see around 500 homes taken to auction this week, down from 672 last week and 1,099 last year. Sydney is also set to host a lower volume of auctions week-on-week with 431 auctions scheduled, down from 539 last week and 787 this time last year.
Across the smaller auction markets, Adelaide is the only city to see a rise in auction volumes with 80 homes scheduled to go under the hammer, while all other cities will see a lower volume of auction activity week-on-week with the exception of Tasmania where there is no change.
Summary of Last Week’s results
Last week, 1,479 homes were taken to auction across the combined capital cities, returning a final auction clearance rate of 52.5 per cent, the second highest clearance rate we have seen this year. In comparison, the previous week saw 1,026 homes taken to auction and a clearance rate of 50.4 per cent was recorded. One year ago, 2,311 auctions were held across the combined capitals with a 62.1 per cent success rate.
Melbourne saw 672 homes taken to auction last week, down from 498 the previous week and 1,144 over the same week last year. The final clearance rate for Melbourne increased from 53.6 per cent over the previous week to 56.6 per cent last week.
In Sydney, 539 homes went to auction across the city last week returning a final clearance rate of 57.2 per cent, the highest clearance rate the city has seen in almost a year. In comparison, 332 homes were taken to auction over the previous week and the clearance rate came in at 52.4 per cent. Over the same week last year 797 auctions were held in Sydney while the clearance rate was a stronger 63.1 per cent.
Across the smaller auction markets, Brisbane was the only city to see a fall in clearance rates week-on-week.
Of the non-capital city auction markets, the Gold Coast had the highest volume of auctions (63) last week, while the Geelong region was the best performer in terms of clearance rates with 56.0 per cent of reported auctions recording a successful result.