Auction volumes are expected to increase across the combined capital cities this week with CoreLogic currently tracking 2,184 auctions, up from both last week (1,494) and this time last year (1,875).
Melbourne is expecting to see around 1,144 homes taken to auction this week, up from 418 last week when volumes were subdued due to the long weekend, and higher than the same week last year (920). Sydney is set to host a lower volume of auctions week-on-week with 753 auctions scheduled to go under the hammer, down from 830 last week, although higher than this time last year (638).
Across the smaller auction markets, Perth is expecting fewer auctions week-on-week, while Adelaide, Brisbane, Canberra and Tasmania will all see volumes rise over the week.
Summary of last week’s results
Last week, 1,494 homes were taken to auction across the combined capital cities, returning a final auction clearance rate of 68.6 per cent. Over the previous week, 3,026 auctions were held across the combined capitals, and a final clearance rate of 73.9 per cent was recorded, the highest clearance rate seen since August last year. One year ago, 1,197 homes were taken to auction with less than half returning a successful result (47.8 per cent).
Melbourne saw 418 homes taken to auction last week, down from 1,612 over the previous week, with the lower volumes likely due to the long weekend. Like with auction volumes, the final clearance rate for Melbourne fell week-on-week with last week’s clearance rate recorded at 66.1 per cent, compared to 74.8 per cent over the previous week. Melbourne’s clearance rate one year ago was 49.2 per cent across 216 auctions.
In Sydney, 830 homes went to auction across the city last week returning a final clearance rate of 75.2 per cent. In comparison, 1,087 homes were taken to auction over the previous week and the clearance rate came in at 76.6 per cent. Over the same week last year 701 auctions were held in Sydney while the clearance rate was a lower 52.3 per cent.
Of the non-capital city auction markets, the Wollongong region had the highest volume of auctions (43) last week, while the Geelong region was the best performer in terms of clearance rates with 92.9 per cent of reported auctions recording a successful result.