The busiest suburbs for auctions across the nation this week are in:
- Reservoir (Vic) - 24 auctions
- Kellyville (NSW), Mount Waverley (Vic), Malvern East (Vic) & Glenroy (Vic) - 14 auctions each
There are 1,828 capital city homes set to go under the hammer this week, down on last week’s 2,022 and last year’s 2,139 auctions held as at final figures.
Melbourne is expected to see 854 homes auctioned this week, down from the 974 auctions held last week, and lower than the 1,087 homes taken to auction one year ago.
Auction activity is also expected to be lower week-on-week in Sydney, however, volumes are set to remain somewhat steady year-on-year. There are 684 properties scheduled for auction across the city this week, down from final figures last week (733) and 9 extra auctions compared to the same week last year.
Across the smaller auction markets, Perth is the only capital city set to see a higher number of auctions take place this week compared to last, with volumes lower in Adelaide (-15.9%), Brisbane (-4.0%), and Canberra (-6.8%). Tasmania has only 2 scheduled auctions this week.
Summary of Last Week’s results
There were 2,022 homes taken to auction last week across the combined capital cities; the busiest week we’ve seen since late May. The higher volumes saw the weighted average clearance rate improve over the week, with 73.5 per cent of auctions returning a successful result. This comes of the back of the 67.6 per cent clearance rate the week prior, when volumes were significantly lower (1,324) and the clearance rate fell below 70 per cent for the first time in eight weeks. Compared to one year ago, a lower 1,851 auctions took place, although less than 50 per cent sold.
Melbourne’s final auction clearance rate increased last week, returning a 75.2 per cent success rate, up on the week prior when 70.5 per cent of homes sold at auction. The improved week-on-week clearance rate was across a higher volume of auctions with 974 held, up on the 775 auctions held the week prior. Last year, 912 Melbourne homes were auctioned with only 50.4 per cent returning a successful result.
In Sydney, a final auction clearance rate of 76.9 per cent was recorded across 733 auctions last week, up on the 74.7 per cent the previous week when volumes were lower over what was the NRL grand final weekend (317). One year ago, a lower 647 Sydney homes were taken to auction with 45.1 per cent successful.
Across the smaller markets, both Adelaide and Canberra returned a final clearance rate above 70 per cent last week, with 70.7 per cent and 75 per cent of homes selling respectively. Both cities had a higher volume of auctions week-on-week. While Brisbane and Perth saw less than 50 per cent of auctions successful last week.