The busiest suburbs for auctions across the nation this week are in:
- Bentleigh East (Vic) - 14 auctions
- Richmond (Vic)– 12 auctions
The capital city auction market is expected to see a rise in activity this week, with a total of 1,448 homes scheduled to go under the hammer. This week’s scheduled volumes are 25% higher than last week’s final figures which saw 1,167 capital city homes auctioned.
Melbourne takes its place as the nation’s busiest city for auctions with volumes set to increase by 56% on last week’s final figures, with 654 scheduled auctions across the city this week.
There are 535 homes scheduled for auction across Sydney this week, up on last week’s 447 auctions held.
Across the smaller auction markets, Adelaide is the only city expected to see a rise in volumes this week up 7.8%, with fewer auctions set to take place in Brisbane (-7.8%), Canberra (-32.9%) and Perth (-51.4%).
Summary of Last Week’s results
Last week, the weighted average clearance rate improved across higher volumes week-on-week, with 67.7% of the 1,167 capital city homes taken to auction returning a successful result. Over the week prior, a much lower 625 homes were auctioned across the combined cities when 61% cleared. One year ago, volumes and clearance rates were lower with 928 auctions held and just over half selling (51.1%).
There were 419 Melbourne homes taken to auction last week, returning a final auction clearance rate of 68.5%. Over the previous week, just 211 auctions were held and the clearance rate was recorded at a lower 65.8%. This time last year, 350 homes were taken to auction across the city and a much lower clearance rate was recorded (52.4%).
Sydney returned a final auction clearance rate of 77.6% across 447 auctions last week; the highest clearance rate across the capital cities. Over the previous week, 158 homes were taken to auction and a clearance rate of 72.9% was recorded. One year ago, 322 auctions were held across Sydney returning a 54% success rate.
Across the smaller auction markets, clearance rates improved week-on-week across Adelaide, Brisbane and Canberra while Perth returned a lower clearance rate over the week.