The busiest suburbs for auctions this week are all in Melbourne. Craigieburn is set to host 16 auctions, while Bentleigh East and Prahran are both expecting to host 12 auctions each, followed by Richmond with 11 auctions.
The combined capital cities are expected to see a lower volume of auctions this week with CoreLogic currently tracking 1,636 auctions, down from 1,915 last week and 2,074 over the same week last year.
Melbourne is set to see volumes fall over the week, with 745 auctions being tracked so far, down from last week when 899 auctions were held across the city and much lower than 12 months ago when 976 homes went under the hammer.
In Sydney, 633 homes are currently scheduled for auction this week, down from 721 last week and lower than the same week last year when 779 auctions were held across the city.
Auction volumes are lower across each individual capital city when compared to the same week last year, while week-on-week, Adelaide and Tasmania are the only places where auction volumes are set to see a slight increase.
Summary of last week's results
Last week saw 1,915 homes taken to auction across the combined capital cities, returning a final auction clearance rate of 54.6 per cent, up from 53.3 per cent across 1,684 auctions the previous week. In comparison, this time last year, 2,270 homes went to auction and a clearance rate of 68.3 per cent was recorded.
Melbourne’s final clearance rate was recorded at 56.5 per cent across 899 auctions last week, compared to 54.0 per cent across 860 auctions over the previous week. This time last year 1,124 homes were taken to auction across the city and a stronger clearance rate was recorded (72.3 per cent).
Sydney’s final auction clearance rate came in at 53.2 per cent across 721 auctions last week, up from 51.9 per cent across 572 auctions over the previous week. Over the same week last year, 832 homes went to auction returning a clearance rate of 67.4 per cent.
Across the smaller auction markets, clearance rates improved across Canberra and Perth, while Brisbane and Adelaide saw clearance rates fall week-on-week. There were only 3 auctions scheduled in Tasmania last week.
Of the non-capital city auction markets, Wollongong was the best performing in terms of clearance rate, with 7 of the 11 reported auctions selling (63.6 per cent), followed by the Hunter region with a 56.4 per cent clearance rate across 39 results.