The busiest suburbs for auctions this week are Randwick in NSW and Pascoe Vale in Vic, with 8 homes scheduled for auction each, while Reservoir (Vic) follows closely with 7 scheduled auctions.
The combined capital cities are expected to see a lower number of auctions held this week with CoreLogic currently tracking 789 auctions, down from 953 last week.
Auction volumes are expected to be down around 17 per cent across both Melbourne and Sydney this week, with 322 auctions being tracked so far in Melbourne, down on the 388 auctions held last week. Sydney has 297 homes scheduled for auction this week, decreasing from last week’s 359 auctions held.
Brisbane is set to see an increase in auction volumes this week, while volumes are down across the remaining cities.
Last year, a higher 1,178 homes went under the hammer across the combined capital cities over the same week.
Summary of Last Week’s results
Last week, 953 auctions were held across the combined capital cities, returning a final clearance rate of 64 per cent, surpassing the previous week’s 62.9 per cent, making it the highest weighted average result seen since April last year. The improved clearance rate last week was across a lower volume of auctions week-on-week, however the auction market appears to be strengthening with final clearance rates holding above 60 per cent for four consecutive weeks now.
Melbourne’s final clearance rate was recorded at 67.2 per cent last week across 388 auctions, down from the 68.6 per cent across 535 auctions held over the previous week. One year ago, 631 auctions were held across the city and a clearance rate of 56.1 per cent was recorded.
Sydney returned a final auction clearance rate of 71.3 per cent last week, making it the best performing auction market and the highest clearance rate the city has recorded since June 2017. Volumes were lower week-on-week across the city, with 359 homes taken to auction down from the 503 auctions held the week prior. Over the same week last year, 552 homes went to auction and a clearance rate of 50.1 per cent was recorded.
Across the smaller auction markets, clearance rates improved everywhere except Perth.
CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.