This week, with Sydney being the busiest capital city for auctions it’s not surprising that all of the busiest suburbs are located within the city. Topping the list with 7 scheduled auctions is Vaucluse, followed by Rose bay (6), while Cronulla, Leichhardt and Randwick will be hosting 5 auctions each.
The Easter long weekend is expected to see a very low number of homes taken to auction, with only 386 scheduled auctions this week across the combined capital cities. This is not unusual this time of year, as we’ve historically seen, Easter is one of the quietest weeks of the year. Over the Easter weekend last year there were 670 homes taken to auction.
Almost 60 per cent of all capital city auction activity is scheduled to take place in Sydney this week (220 auctions), while in Melbourne, just 48 auctions will be held.
118 auctions are scheduled to take place across the remaining capital cities, with 21 of those scheduled to take place in Brisbane and 46 in Adelaide. Canberra is set to host 35 auctions this week, while Perth is expecting 16 auctions.
There are currently no scheduled auctions in Tasmania this week.
Summary of Last Week’s results
The combined capital city final auction clearance rate came in at 52.2 per cent last week, which was slightly lower than the 52.6 per cent the previous week. The lower week on week clearance rate was across a higher volume of auctions with 2,276 homes taken to auction last week, increasing on the 1,976 auctions the prior week. One year ago, 1,915 auctions took place returning a higher 61.7 per cent clearance rate.
In Melbourne, 941 homes were taken to auction across the city returning a final clearance rate of 51.6 per cent, lower than the week prior when 55.4 per cent of auctions cleared. (892 auctions)
Sydney returned a 55.8 per cent final auction clearance rate last week, which was the highest result amongst the capital cities, increasing on the prior week when 54.9 per cent of auctions were successful. The improved result was across a higher volume of auctions with 929 held, up on the 742 the previous week.
Across the smaller markets, Clearance rates were higher week on week in Brisbane, however the remaining cities all saw a fall in final clearance rates.