This week, 1,226 capital city auctions are currently being tracked by CoreLogic, increasing from the 1,181 auctions held last week at final results. One year ago, a higher 1,484 auctions took place across the capital cities.
Melbourne is expected to see a rise in activity this week, with 542 homes scheduled for auction across the city, up from the 471 auctions held last week, although down on the 635 one year ago.
Activity is set to remain relatively steady across Sydney this week, with 532 scheduled auctions, down from the 545 homes taken to auction last week and only slightly lower than the 558 last year.
The smaller auction markets are all set to see fewer auctions held week on week, with the exception of Brisbane where scheduled volumes are higher.
Summary of last week’s results
Last week, the combined capital city final auction clearance rate increased to 59.3%, after the week prior saw the final clearance rate fall to 56.2%. Last week’s improved clearance rate was across a higher volume of auctions (1,181), which was the busiest week we’ve seen since Mid-April. While clearance rates and volumes have seen some improvement over the last few weeks, volumes are still tracking lower year-on-year with 1,505 homes taken to auction over the same week last year when 61.8% cleared.
There were 471 Melbourne homes taken to auction last week, returning a final auction clearance rate of 56.3%, which was down on the 60.1% over the week prior when volumes were lower (195). One year ago, a much higher 724 auctions were held across Melbourne returning a success rate of 64.9%.
In Sydney, a final clearance rate of 63.7% was recorded last week, improving on the previous weeks 56.8% across a higher volume of auctions. There were 545 homes taken to auction last week, up on the 398 auctions held over the previous week. Over the same week last year, a similar 534 auctions took place in Sydney with a higher success rate (66.4%).
All of smaller auction markets except Perth saw an improvement in clearance rates over the week, with Canberra coming in with the highest final clearance rate of 70%.