All of the busiest suburbs for auctions this week are in Victoria, with Bentleigh East, Brighton and Malvern East all topping the list with 8 homes set to go under the hammer each, followed by Glen Iris with 7 scheduled auctions.
This week, CoreLogic is currently tracking 868 capital city auctions, decreasing from the 1,218 auctions held last week. While one year ago a significantly higher 2,100 auctions were held. The lower volumes this week is likely attributable to the upcoming election this weekend.
As usual, Melbourne and Sydney are the two busiest capital city auction markets this week, with 398 and 259 homes scheduled to go to auction; down from last week’s final result which saw 546 and 445 auctions held across the cities respectively.
Across the smaller auction markets, activity is expected to be higher week-on week across Perth, while the remaining cities are set to see a lower number of homes taken to auction.
Summary of Last Week’s results
Final auction results for last week show that 1,218 residential homes were taken to auction with a 54 per cent final auction clearance rate; the highest final auction clearance rate seen since mid-September last year. The week prior saw a higher 1,479 auctions take place, when 52.5 per cent cleared.
Auction volumes fell across Melbourne last week returning a higher final clearance rate, with 546 auctions held and 55.7 per cent selling, down from the week prior when 672 auctions were held and 56.6 per cent cleared.
There were a total of 445 Sydney auctions last week, down on the previous weeks 539 auctions. The lower volumes saw the final clearance rate increase with 59 per cent of auctions successful, rising on the 57.2 per cent the week prior.
The performance was mixed across the smaller auction markets last week, with Perth returning the strongest final auction clearance rate of 50 per cent, while Brisbane returned a 36.2 per cent success rate.
Across the non-capital city regions, the highest clearance rate was recorded across the Geelong region, with 50 per cent of the 16 auctions successful.