The combined capital cities are expected to see quite a significant rise in the number of homes taken to auction this week, with CoreLogic currently tracking 2,364 scheduled auctions, up from the 1,596 auctions held last week according to final figures.
Melbourne is the busiest city for auctions this week, with 1,163 auctions being tracked so far, up 56% on last week, and higher than this time last year when 1,128 homes were taken to auction across the city.
Sydney has 924 homes scheduled for auction this week; an increase of 58% on last week’s final figures (583). Over the same week last year Sydney was host to a lower 801 auctions.
Across the smaller auction markets, Canberra and Perth are set to see volumes rise over the week while auction numbers across Adelaide and Brisbane are lower week-on-week.
Summary of last week’s results
Last week, as auction volumes rose so too did the combined capital city final auction clearance rate, coming in with a 73.3% success rate across the 1,596 auctions held. Not only was this an improvement on the 67.7% clearance rate over the week prior when 1,167 auctions were held, but a higher result from one year ago when 1,450 homes went to auction and 51.2% returned a successful result.
Melbourne was the busiest city in terms of auction activity with 743 homes taken to auction last week, returning a final clearance rate of 76%. Over the previous week, 419 auctions were held and the clearance rate was recorded at 68.5%. This time last year, 657 homes were taken to auction across the city when just over half were successful (52.5%).
There were 583 homes taken to auction in Sydney last week returning a clearance rate of 75.4%, while over the previous week, 447 homes were taken to auction and a clearance rate of 77.6% was recorded. This time last year 523 auctions were held returning a much lower 54.6% success rate.
Across the smaller auction markets, Canberra was the best performing auction market last week, in terms of clearance rate with 79.5% of the 49 homes auctioned reporting a sold result.