The busiest suburbs for auctions this week are in Victoria and New South Wales, with Randwick (NSW); Brunswick, Craigieburn and Kew (Vic) each with 12 homes scheduled for auction. While Queensland’s Surfers Paradise, Victoria’s Epping and Glenroy will come in equal second place with 11 scheduled auctions.
This week, the number of auctions scheduled to take place across the combined capital cities is expected to increase, with 1,767 currently being tracked by CoreLogic, increasing from the 1,684 auctions held last week at final results and lower than the number of homes taken to auction over the same week last year (2,270).
Melbourne is expected to be the busiest auction market again this week, however volumes are down on last week, with 826 homes scheduled for auction across the city, down on the 860 auctions held last week at final figures.
Sydney is set to host 675 auctions this week, a rise of 18 per cent on last week’s final figures which saw 572 auctions held.
Across the smaller auction markets, there are fewer auctions scheduled week-on-week in Adelaide and Brisbane, while activity across Canberra, Perth and Tasmania is expected to rise.
Summary of last week's results
Last week, the combined capital city final auction clearance rate fell to 53.3 per cent after the week prior saw the final clearance rate rise, returning a 54.9 per cent success rate. The lower weighted average this week was across a higher volume of auctions, with 1,684 held increasing from the 1,402 auctions over the previous week. In retrospect clearance rates across the combined capitals have been relatively steady each week over the past 3 months; remaining in the low-mid 50 per cent range.
Melbourne’s final auction clearance rate came in at 54 per cent across 860 auctions last week, compared to 58 per cent across a lower 721 auctions the previous week. This time last year, a much higher 1,001 homes went under the hammer, returning a much stronger clearance rate of 75.6 per cent.
Sydney’s final auction clearance rate fell to 51.9 per cent across 572 auctions last week, after increasing to 53.8 per cent across 458 auctions over the week prior. Over the same week last year, 720 homes went to auction and a clearance rate of 67.8 per cent was recorded.
Across the smaller auction markets, results were varied with Adelaide coming in with the highest final clearance rate of 62.3 per cent, increasing on the 59.7 per cent the previous week. While only 41.7 per cent of Perth auctions were successful, making it the worst performing, however it was an improvement on the 29.2 per cent over the week prior. In terms of volumes, Adelaide, Brisbane and Canberra all saw a rise in volumes over the week, while Perth and Tasmania saw fewer auctions held.