The top 3 busiest suburbs for auctions this week are in New South Wales where Port Macquarie tops the list with 20 homes scheduled for auction. Lane Cove and Randwick follow with 15 and 12 scheduled auctions respectively.
Auction volumes are set to rise this week, with over 1,000 homes scheduled for auction across the combined capital cities.
CoreLogic is currently tracking 1,359 auctions across the capital’s, with volumes up by 46.4 per cent on last week (928), however the lower year on year trend continues with volumes down 31.8 per cent when compared to the same week last year (1,992).
Melbourne is expected to see the most significant increase in volumes over the week, with 607 properties scheduled for auction, up from the 350 homes auctioned last week.
Across Sydney, 501 homes are set to go under the hammer this week, increasing from the 322 auctions held last week.
Across the smaller auctions markets, Canberra and Perth will see an increase in activity over the week, while the remaining cities will see fewer homes taken to auction.
Summary of Last Week's Results
The combined capital city final auction clearance rate remained above 50 per cent last week (51.1 per cent), however volumes are still quite low across the capitals with only 928 auctions held. The last time we saw the final weighted average clearance above 50 per cent was back in late September 2018 when volumes were significantly higher. One year ago, a higher 1,470 capital city homes went to auction returning a final auction clearance rate of 63.7 per cent.
Across Melbourne, auction volumes rose over the week returning a higher clearance rate, with 350 auctions held and 52.4 per cent successful, up from the 162 auctions the week prior when 44.3 per cent cleared.
Last week saw Sydney’s final clearance rate increase to 54 per cent from 49.5 per cent the previous week, with the number of auctions held increasing over the week, with 322 held up from 130 the previous week.
Canberra was the best performing capital city auction market last week, with 55.3 per cent of auctions successful (44). Brisbane returned the lowest final auction clearance rate of 37.1 per cent.
The Gold Coast was the busiest non-capital city region last week, with 36 auctions, however only 16.1 per cent sold. Hunter recorded the strongest clearance rate at 44.4 per cent.