There are 1,085 homes scheduled for auction across the combined capital cities this week, down slightly on the 1,150 auctions last week and lower than the 1,228 last year.
The number of auctions scheduled is continuing to fade across Melbourne, with 188 homes scheduled for auction this week, down -36% on last week (294) and -68% lower than scheduled volumes over the same week last year (588). Between mid-June and the end of July, Melbourne was averaging 534 auctions each week.
In contrast, Sydney auctions volumes are trending higher. 713 auctions are scheduled across the city this week, a 11% rise on last week’s volumes (640) and 59% higher than scheduled volumes from one year ago (446). This week’s auction volume is set to be the highest for Sydney since the first week of April.
Across the smaller auction markets, Adelaide is the only market expected to see a rise in auctions held over the week, with Brisbane and Canberra set to host fewer auctions and Perth volumes are to remain steady. Tasmania has one scheduled auction this week.
Summary of last week’s results
Auction activity remained relatively steady last week when compared to the week prior, with volumes and the weighted average clearance rate remaining at similar levels over the week.
There were 1,150 capital city properties taken to auction last week, returning a final auction clearance rate of 58.4%. Similarly, the previous week saw 1,154 auctions scheduled and a final success rate of 58.7%. One year ago volumes were at similar levels (1,111), however the final clearance rate was higher (67.8%).
In Melbourne, 294 homes were scheduled for auction last week, lower than the 357 over the week prior. The lower volumes saw the final clearance rate improve with 63.7% of auctions returning a successful result, up on the 55.1% the week prior. Another contributing factor to the improved clearance rate was the lower number of withdrawn results collected over the week. Of the 292 results, 23% were withdrawn, which was lower than the 29% withdrawal rate the previous week.
There were 640 Sydney homes taken to auction last week, returning a final auction clearance rate of 58.8%. Last week’s result was lower than the previous week’s 60.7% clearance rate across a lower 566 auctions. While one year ago Sydney's clearance rate was a significantly higher 76.2%, however volumes were lower (367).
Across the smaller capital cities, Canberra was the best performing for the fourth consecutive week last week, with 72.5% of homes selling at auction.