The busiest suburb for auctions this week is Victoria’s Bentleigh East with 23 scheduled auctions, followed by Glen Waverley and Reservoir (Vic) where each will see 19 auctions take place. While the NSW suburb of Baulkham Hills made 3rd place this week, with a total of 15 homes to be auctioned.
There are 2,009 capital city homes set to go under the hammer this week, increasing on last week’s 1,851 auctions held as at final figures, however, lower than the 2,519 auctions held over the same week last year.
Melbourne will see 1,020 homes auctioned this week, rising from the 912 auctions held last week, and lower than the 1,251 homes taken to market one year ago.
Summary of Last Week’s Results
Last week, the weighted average clearance rate came in below 50 per cent for the 3rd consecutive week with 47 per cent of capital city homes selling. There were 1,851 homes taken to auction, having increased on the 1,817 auctions held over the week prior when the clearance rate was 49.5 per cent. One year ago, 67.1 per cent of capital city homes cleared at auction, when volumes were considerably higher (2,525).
Melbourne’s final auction clearance rate showed further softening last week, returning a 50.4 success rate, surpassing the previous week as the lowest recorded since December 2012 (50.6 per cent). Volumes across the city were relatively stable week on week, with 912 homes taken to auction; only 8 more than the prior week. Clearance rates across the city are now down around 20 per cent on last year, when over the same week a higher 1,223 homes were taken to auction and 73.2 per cent cleared.
In Sydney, the final clearance rate fell last week, with 45.1 per cent of the 647 homes taken to auction selling, down from the 46.1 per cent over the week prior when 611 auctions were held. One year ago, a higher 928 Sydney homes were taken to auction with 63.3 per cent successful.
Across the smaller markets, Canberra came in with the highest clearance rate last week with 59.6 per cent of the 67 auctions held returning a successful result. Brisbane saw the highest number of homes auctioned, with 117 held, however only 28.6 per cent sold.
Activity is set to remain steady across Sydney this week, with a total of 640 properties scheduled for auction, down only 7 auctions from final figures last week. One year ago, 823 Sydney homes went to auction.
Across the smaller markets, Adelaide will see the most notable increase in weekly volumes, with 124 scheduled auctions this week, increasing from the 72 held last week. Canberra and Perth are also expected to see a higher volumes of auctions take place this week, while Brisbane and Tasmania will see fewer auctions held.
CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.