The busiest suburbs for auctions this week are Melbourne’s Craigieburn and Reservoir, with 22 and 21 homes scheduled to go under the hammer respectively. Following closely is the Queensland regional suburb of Maroochydore with a total of 19 auctions to be held as part of the annual Ray White coastal living auction event.
Auction activity is set to rise across the combined capital cities this week, with a total of 2,277 homes scheduled for auction, increasing by 15 per cent on last week’s final figures (1,983), although lower than one year ago when 2,782 capital city homes went to auction.
Melbourne is set to be the busiest auction market this week, with a total of 1,091 homes scheduled for auction, increasing on last week when 988 auctions were held across the city. While one year ago, 1,361 Melbourne homes were taken to auction.
Volumes are also set to rise across Sydney, with a total of 802 homes scheduled to go under the hammer this week, up on the 669 auctions held last week, however, lower than the 1,033 held one year ago.
Across the smaller markets, Adelaide, Canberra and Perth are all set to see an increase in auction activity, while Brisbane and Tasmania are expected to see fewer auctions take place this week.
Summary of Last Week’s results
There were a total of 1,983 homes taken to auction across the combined capital cities last week; a slight increase on the week prior when 1,916 auctions were held. The higher volumes last week saw the weighted average clearance rate drop to 51.8 per cent, which was not only lower week-on-week (55.3 per cent), but the lowest seen since Dec-12.
The two largest auction markets of Melbourne and Sydney both recorded a lower clearance rate week-on-week. Melbourne returned a final clearance rate of 54.1 per cent, down on the 60 per cent over the previous week. While over half of the Sydney homes taken to auction last week failed to sell, returning a final clearance rate of 48.6 per cent, decreasing on the 50.6 per cent over the week prior. Both markets did see a slightly higher volume of auctions over the week, with volumes across Melbourne up by 10.9 per cent, while Sydney saw a 2 per cent rise in volumes.
As usual the performance across the smaller auction markets was mixed, with Canberra recording the strongest final clearance rate of 65.2 per cent, while only 33.3 per cent of Tasmanian homes sold. However, Brisbane and Perth were the only auction markets to see a week-on-week improvement in clearance rates.
Across the regional auction markets, Geelong returned the strongest clearance rate of 60.6 per cent. In terms of volumes, the Gold Coast saw the highest number of auctions (58), however only 31.9 per cent sold.
Sub region auction results
CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.