There are 2,422 capital city homes set to be auctioned this week, up from the 2,274 auctions held last week. Over the same week one year ago, volumes were lower (1,667).
Both Melbourne and Sydney are set to see an increase in the number of homes taken to auction week-on-week, with Melbourne set to host 1,215 auctions, up only 1.2% on last week (1,201). In Sydney, 907 auctions are scheduled to take place; an expected rise of 18.3% over the week (767).
Across the smaller auction markets, volumes are set to be higher over the week in Brisbane (109), Canberra (77) and Perth (36). While Adelaide (69) and Tasmania (9) will see fewer homes auctioned this week.
Summary of last week’s results
Last week, the combined capital cities saw auction volumes rise with a total of 2,274 homes taken to auction, returning a final auction clearance rate of 65.3%; a decrease on the 68.6% clearance rate the week prior when a lower 1,494 auctions took place. One year ago, 1,875 homes were taken to auction across the capital cities with a much lower 51.4% selling.
Melbourne’s final clearance rate came in at 65.6% across a higher volume of auctions week on week (1,201). The week prior saw a very subdued 418 auctions take place when a slightly higher 66.1% sold. The same week last year saw 920 Melbourne homes auctioned, returning a final auction clearance rate of 52.1%.
Sydney’s final auction clearance rate fell to 68.1% across a lower 767 auctions last week, after the week prior saw 75.2% of the 830 auctions successful. Over the corresponding week a year ago, 638 Sydney auctions took place when a lower 54.2% cleared.
Across the remaining auction markets, Tasmania was the best performing in terms of clearance rate with 85.7% of the 12 auctions reporting a successful result, while this is a very low number of auctions, for Tasmania this is higher relative to what we usually see each week.