This week, the number of auctions scheduled to take place across the combined capital cities is expected to rise, with 2,342 currently being tracked by CoreLogic, increasing from the 1,799 auctions held last week at final results and similar to the volume of auctions held over the same week last year (2,350).
Both Melbourne and Sydney is expected to see an increase in activity this week, with 1,218 homes scheduled for auction across Melbourne, while Sydney is set to host 737 auctions, increasing on the 914 and 588 auctions held last week respectively.
All of the smaller auction markets will also see a higher volume of auctions this week compared to last.
This week, all of the busiest suburbs for auctions are in Victoria; Hoppers Crossing tops the list with 21 homes scheduled to go to under the hammer, followed by Craigieburn with 18 scheduled auctions, while Port Melbourne, Reservoir and Richmond each have 16 scheduled auctions.
Summary of last week's results
Last week, the final auction clearance rate increased to 62.2 per cent after the week prior saw the final clearance rate drop to its lowest level seen over the year-to-date, returning a 61.7 per cent success rate. In retrospect both clearance rates and auction volumes across the combined capitals have remained relatively steady over each of the last 3 weeks, with clearance rates consistently in the low 60 per cent range and volumes around the 1,800- 1,900 level.
Melbourne and Sydney returned an equal 63.6 per cent auction clearance rate last week, both recording an increase on the week prior when 62.4 per cent of Melbourne auctions cleared and a 61.5 per cent success rate was recorded across Sydney. Looking at volume of auctions, Melbourne recorded a slightly higher volume week-on-week with 914 held, increasing on the 873 the previous week, while Sydney saw a fall in activity with 588 auctions held, down on the 795 auction held the week prior.
The performance across the smaller auction markets were mixed last week, with clearances rates improving in Brisbane and Tasmania, while Adelaide, Canberra and Perth all saw a fall in the final clearance rate over the week.
Of the non-capital city regions, Geelong recorded the highest clearance rate with 85.3 per cent of auctions clearing last week.
Sub-region auction results