The combined capital cities are expected to see a lower volume of auctions this week with CoreLogic currently tracking 1,931 auctions, down from 2,279 last week. Melbourne is the busiest city for auctions again this week, with 948 auctions being tracked so far, down from 1,099 last week. Sydney has 637 auctions scheduled this week, down from 787 last week.
Adelaide and Perth are expecting to see a slight increase in auction volumes this week, with Adelaide tracking 102 auctions, up from 97 last week, while Perth currently has 43 auctions scheduled, up from 40 last week.
Over the same week last year, 2,824 homes went under the hammer across the combined capital cities, returning a clearance rate of 73.1 per cent.
All of the busiest suburbs for auctions this week are in Victoria. Reservoir tops the list with 19 homes set to go under the hammer, followed by Bentleigh East and Mount Waverley with 14 auctions each.
Summary of last week's results
Last week, a total of 2,279 auctions were held across combined capital cities, returning a final clearance rate of 58.2 per cent, the lowest clearance rate seen since late 2015. Over the previous week, 2,311 homes were taken to auction and a clearance rate of 62.1 per cent was recorded, while this time last year, the clearance rate was much stronger with 72.8 per cent of the 2,409 auctions returning a successful result.
Melbourne’s final clearance rate dropped to 59.8 per cent this week across 1,099 auctions making it the lowest clearance rate the city has seen since Easter 2014 (58.1 per cent). In comparison, 1,144 homes were taken to auction over the previous week returning a clearance rate of 63.7 per cent, while one year ago, 1,098 auctions were held across the city and a clearance rate of 75.0 per cent was recorded.
Sydney’s final auction clearance rate fell to 57.5 per cent across 787 auctions last week, down from 63.1 per cent across 797 auctions over the previous week. Over the same week last year, 960 homes went to auction and a clearance rate of 74.5 per cent was recorded.
Across the smaller auction markets, Canberra, Perth and Tasmania saw clearance rates improve while clearance rates across Adelaide and Brisbane fell slightly.
Of the non-capital city auction markets, Geelong returned the highest final clearance rate once again, with a success rate of 83.0 per cent across 50 auctions.