Auctions this week
The Melbourne suburb of Richmond is set to be the busiest place for auctions this week with 21 homes expected to go under the hammer. Sydney’s Leichhardt has 16 auctions scheduled, followed by Maroubra (15) and Mosman (14), also in Sydney.
Auction volumes are expected to rise across the combined capital cities this week with CoreLogic currently tracking 2,166 auctions, increasing from both last week (1,976) and this time last year (1,915).
This week is the last week of auctions before the Easter weekend where auctions drop significantly. Although volumes have increased over the week, they are significantly lower than the week prior to Easter in 2018 when we saw the highest volume of auctions on record (3,990).
Melbourne is expecting to see around 900 homes taken to auction this week, similar to both last week (892) and last year (873). In comparison, the week prior to Easter 2018 saw 2,071 auctions held across the city.
Sydney is also expecting around 900 auctions this week, increasing from both last week (742) and last year (795). The lead up to Easter 2018 saw 1,383 Sydney homes taken to auction.
Across the smaller auction markets, Adelaide and Brisbane are expecting to see an increase in auction volumes week-on-week, while activity is set to be slightly lower in Canberra and Perth. Tasmania is not expecting to see a change in auction volumes week-on-week.
Summary of Last Week’s results
Last week, 1,976 homes were taken to auction across the combined capital cities, returning a final auction clearance rate of 52.6 per cent, the best clearance rate we have seen this year. In comparison, the previous week saw 2,164 homes taken to auction and a clearance rate of 50.9 per cent was recorded. One year ago, 1,839 auctions were held across the combined capitals with a 62.8 per cent success rate.
Melbourne saw 892 homes taken to auction last week, down from 978 the previous week and 723 over the same week last year. The final clearance rate for Melbourne increased from 52.1 per cent over the previous week to 55.4 per cent last week, the highest clearance rate the city has seen since the end of September 2018.
In Sydney, 742 homes went to auction across the city last week returning a final clearance rate of 54.9 per cent. In comparison, 801 homes were taken to auction over the previous week and the clearance rate came in at 54.3 per cent. Over the same week last year 795 auctions were held in Sydney while the clearance rate was a stronger 62.9 per cent.
Across the smaller auction markets, Canberra was the only city to see a rise in clearance rates week-on-week.
Of the non-capital city auction markets, the Gold Coast had the highest volume of auctions (62) last week, while the Geelong region was the best performer in terms of clearance rates with 61.1 per cent of reported auctions recording a successful result.