The busiest suburbs for auctions this week are Bentleigh East and Reservoir in Victoria with 14 homes set to go under the hammer each, followed by Maroubra (NSW), Craigieburn (Vic) and Richmond (Vic) all with 9 scheduled auctions this week.
This week, 1,394 capital city auctions are currently being tracked by CoreLogic, down from the 1,505 auctions held last week at final results. One year ago, a higher 1,849 auctions took place across the capital cities.
Melbourne is expected to see a decrease in activity this week, with 600 homes scheduled for auction across the city, down from the 724 auctions held last week.
Activity is set to remain relatively steady across Sydney this week, with 525 scheduled auctions, down only slightly from the 534 homes taken to auction last week.
The smaller auction markets will all see a higher volume of homes auctioned week-on-week with the exception of Perth and Canberra where fewer auctions are scheduled.
Summary of Last Week’s results
Last week, the combined capital city final auction clearance rate increased to 61.8 per cent, after the week prior saw the final clearance rate drop to 48.3 per cent. Last week’s improved clearance rate was across a higher volume of auctions (1,505) and also happened to be the highest weighted average seen since 6 May 2018 (62.1 per cent). While clearance rates have seen some improvement over the last few weeks, volumes are still tracking lower year-on-year with 2,002 homes taken to market over the same week last year when 52.4 per cent cleared.
Melbourne and Sydney saw clearance rates reach their highest level seen since April 2018 last week, both coming in at the mid 60 per cent mark.
There were 724 Melbourne homes taken to auction last week, returning a higher final clearance rate week-on-week, with 64.9 per cent of auctions successful, up on the 62.8 per cent over the week prior when there were only 215 homes taken to auction.
In Sydney, a final clearance rate of 66.4 per cent was recorded across a higher volume of auctions over the week, with 534 homes taken to market, up on the 313 auctions held over the previous week when fewer returned a successful result (56.2 per cent).
The smaller auction markets all saw an improvement in clearance rates over the week, with Canberra coming in with the highest final clearance rate of 48.7 per cent.