The busiest suburbs for auctions across the capital cities this week are:
- Richmond (Vic) - 12 auctions
- Mosman (NSW) - 11 auctions
- Bentleigh East, Craigieburn, Mount Waverley, Preston (Vic) – 10 auctions each
This week, 1,320 capital city auctions are currently being tracked by CoreLogic, up from the 1,228 auctions held last week at final results. One year ago, a considerably higher 1,915 auctions took place across the capital cities.
Melbourne is expected to see a slight rise in activity this week, with 631 homes scheduled for auction across the city, up from the 588 auctions held last week.
There are 468 Sydney homes scheduled for auction this week, increasing on the 446 auctions held last week.
Across the smaller auction markets, volumes are set to be higher across Adelaide, Canberra and Perth, unchanged in Tasmania and lower in Brisbane.
Summary of Last Week’s results
Last week, the combined capital cities returned a final auction clearance rate above 70 per cent for the first time since May 2017, albeit volumes were significantly lower than what we were seeing over the period in 2017.
There were 1,228 capital city homes taken to auction last week, 73 per cent of which sold, increasing on the week prior when 67.8 per cent of the 1,111 homes taken to auction reported a successful result. In 2017, when clearance rates were above 70 per cent each week over the first half of the year, weekly volumes were ranging from 2,000 to 3,000; a significantly higher level of activity compared to what we are seeing at the moment.
There were 588 Melbourne homes taken to auction last week up from the 500 auctions held the previous week, the higher volumes saw the final clearance rate improve with 76.2 per cent of homes selling, surpassing the week prior as the highest since Nov-17.
In Sydney, the final auction clearance rate remained steady week-on-week at 76.2 per cent, although volumes increased across the city with 446 homes taken to market, up from the 367 over the previous week.
Of the smaller auction markets, Canberra was the best performing in terms of clearance rate with 80 per cent of homes selling, however volumes were quite subdued across the city with only 26 auctions held.