Auction activity is set to increase this week across the combined capital cities, with 2,832 properties scheduled to go to auction, up from last week’s final result of 1,764 auctions held.
The number of homes expected to go to auction this week is lower than volumes from over the corresponding week last year, when 2,916 auctions were held.
Melbourne is set to see a significant increase in activity this week after last week saw volumes fall across the city with 1,526 properties scheduled for auction this week, up from the 453 last week.
In Sydney, there are fewer auctions scheduled this week compared to last week’s final figures, with 949 homes set to go to auction, down from the 974 last week.
Across the smaller markets, the number of homes scheduled for auction will increase in Brisbane and Canberra, while Adelaide and Perth will see fewer scheduled auctions, and week-on-week volumes across Tasmania are expected to remain steady.
Port Macquarie in New South Wales is the busiest individual suburb for auctions across the nation this week, with 25 residential homes set to go under the hammer, followed by Richmond and Camberwell in Victoria with 23 and 22 scheduled auctions respectively.
Summary of last week's results
Last week, the combined capital city final auction clearance rate fell to 63.3 per cent across a lower volume of auctions with 1,764 held, down from the 3,026 auctions over the week prior when a slightly higher 63.6 per cent cleared. The weighted average clearance rate has continued to track lower than results from last year; when over the corresponding week 75.1 per cent of the 1,473 auctions sold.
Across Melbourne, last week saw the final clearance rate increase to 70.8 per cent, however volumes were significantly lower due to the Monday public holiday with only 453 auctions held down from the 1,524 over the previous week when 66.5 per cent cleared.
In Sydney, the final clearance rate fell slightly to 62.2 per cent, from 62.4 per cent the week prior. There were 974 auctions held across the city last week, down from the 1,088 held over previous week.
Across the smaller auction markets, performance was mixed last week, with clearance rates improving in Adelaide, Canberra and Tasmania, while Brisbane and Perth saw clearances rates fall week-on-week.
The Gold Coast region was the busiest non-capital city region last week, with 53 auctions; however Geelong recorded the strongest clearance rate at 80 per cent.