CoreLogic is currently tracking 3,689 capital city auctions this week, which is set to be the busiest week for auctions so far this year. The increase in activity is what is traditionally seen over the week prior to Easter, however it is expected that the number of homes scheduled for auction this week will be higher than final figures from the pre-Easter week last year when a total of 3,517 auctions were held across the capital cities.
Looking at activity across the individual cities, Melbourne is expected to see a record number of auctions held this week, with 1,934 Melbourne homes scheduled to go under the hammer. This is not only set to be the highest number of auctions this year, but the second busiest week on record ever for the city, with the possibility of surpassing the busiest week recorded (29th October 2017- 1,983 auctions) with volumes usually revising upward as final results are collected.
Across Sydney, there are 1,255 homes scheduled to go to auction this week, increasing from the 1,093 held last week, however lower than the 1,436 auctions held over the pre-Easter week last year.
Adelaide, Brisbane, Canberra and Perth are all set to see a higher volume of auctions week-on-week and also higher than the pre-Easter week last year.
Tasmania is the only auction market where there are fewer scheduled auctions this week compared to last week.
Reservoir in Victoria is the busiest individual suburb for auctions across the nation this week, with 39 residential homes scheduled for auction. Followed by Richmond (Vic) with 31, and Randwick in NSW with 26 scheduled auctions.
Summary of last week’s results
The final auction clearance rate across the combined capital cities rose to 66 per cent across a total of 3,136 auctions last week; making it the second busiest week for auctions this year. Over the week prior, a 63.3 per cent final clearance rate was recorded across a significantly lower volume of auctions (1,764). In comparison to one year ago, the clearance rate was a higher 74.1 per cent, while the number of auctions held were a lower 2,916.
Last week, Melbourne recorded its busiest week for auctions so far this year with a total of 1,653 homes taken to auction. The final auction clearance rate across the city fell to 68.7 per cent, down from the 70.8 per cent over the week prior when a much lower 453 auctions were held.
In Sydney, the final auction clearance rate increased to 64.8 per cent last week, from 62.2 per cent the week prior. The higher week-on-week clearance rate was across a higher volume of auctions, with 1,093 auctions held up from the 974 the previous week.
Across the smaller auction markets, clearance rates improved in Brisbane, Perth and Tasmania, while Adelaide and Canberra both returned a lower success rate over the week.
Geelong was the best performing non-capital city region last week, with 86.1 per cent of the 56 auctions successful. However, the Gold Coast region was host to the highest number of auctions (60).