This week, Reservoir in Victoria is the busiest suburb for auctions with 23 homes set to go under the hammer, followed by Surry Hills in NSW where 14 auctions will take place, while Bentleigh, Craigieburn and Noble Park all in Victoria, come in equal third place with 13 scheduled auctions each.
This week, CoreLogic is tracking 1,725 auctions across the combined capital cities, which is slightly lower than last week when 1,817 auctions were held. Compared to one year ago, volumes are down over 30 per cent (2,525).
Melbourne has fewer homes scheduled for auction this week compared to last, with 841 auctions to be held, down on the 904 held last week.
While volumes across Sydney are expected to remain relatively steady week-on-week, with 614 homes scheduled for auction this week; only 3 extra auctions compared to the 611 held last week.
Looking at the smaller auction markets, there are fewer auctions scheduled this week in Adelaide, Brisbane and Canberra, while Perth is set to see a slight increase in volumes and activity in Tasmania will remain the same.
Summary of Last Week’s results
The combined capital city final auction clearance rate remained under 50 per cent last week, with 49.5 per cent of homes selling, however this was an improvement on the week prior when 45.8 per cent of homes sold, the lowest weighted average result since June 2012 (42 per cent). The higher clearance rate last week was across a significantly higher volume of auctions with 1,817 held, rising from the 895 over the week prior.
Melbourne’s final clearance rate fell last week, with just over half of the auctions held successful. There were 904 homes taken to auction across the city, returning a 51.8 per cent final clearance rate; the lowest seen since December 2012 (50.6 per cent). Compared to one year ago, the Melbourne auction market was performing very differently, with both volumes and clearance rates significantly higher over the same week (1,119 auctions, 70.3 per cent).
Sydney’s final auction clearance rate increased last week, with 46.1 per cent of the 611 auctions held clearing, up from the 43.8 per cent the week prior when a similar volume of auctions were held. One year ago, Sydney’s clearance rate was 61.3 per cent across 818 auctions.
Across the smaller auction markets, Canberra returned the strongest final clearance rate of 64.6 per cent last week, followed by Adelaide where 62.3 per cent of homes sold, while only 11.1 per cent of Perth homes sold last week.
Looking at the non-capital city regions, the Geelong region was the most successful in terms of clearance rates with 48.5 per cent of the 41 auctions recording a successful result.
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.