The combined capital cities are set to see fewer auctions take place this week, with a total of 1,592 properties scheduled to go under the hammer. The number of auctions currently being tracked this week is down on last week’s final result which saw 1,915 auctions held. Overall activity is also tracking lower than figures from over the corresponding week one year ago, when 1,751 auctions were held across the capital city markets.
Sydney is set to see the most significant drop in activity this week, the city is set to host 499 auctions this week, which is down on last week’s 795 auctions held.
While in Melbourne, volumes are expected to fall to a lesser degree with 847 homes scheduled to go to auction, decreasing on the 873 auctions held as of final results last week.
Adelaide and Tasmania are the only auction markets that are set to see a higher number of homes taken to market week-on-week, with volumes also falling across Brisbane, Canberra and Perth.
Victoria’s Reservoir and Surfers Paradise in Queensland both top the busiest suburb list this week, each with 19 properties scheduled to go to auction. Following with 14 scheduled auctions each is Burwood and Point Cook both in Victoria.
Summary of last week's results
Last week saw auction activity remain relatively steady across the combined capital cities, with a total of 1,915 homes taken to market, returning a 61.7 per cent success rate. Last week’s clearance rate was lower than the week prior when 62.8 per cent of the 1,839 auctions held reported as selling.
Melbourne’s final auction clearance rate fell to 62.4 per cent last week across a slightly higher volume of auctions week-on-week with 873 held, up on the 723 over the week prior when a higher 68.2 per cent cleared.
In Sydney, the final clearance rate fell to 61.5 per cent, down on the 62.9 per cent the previous week, with volumes across the city remaining steady over the week with a total of 795 held.
Clearance rates improved across all of the remaining auction markets last week, with the exception Tasmania which remained unchanged.
Geelong recorded the highest clearance rate of the non-capital city regions, with 77.1 per cent of 54 auctions clearing.