The final week of July will see a total of 1,430 homes taken to auction; a slight increase on the 1,257 auctions held last week as at final figures, although lower than the 1,987 auctions held on the same week last year.
While it is not unusual to see auction activity cool off throughout the winter period, this year has seen weekly volumes trend lower when compared to the equivalent June- July period last year. With clearance rates at their lowest levels since 2012 there is some clear reluctance in the auction market as capital city dwelling values soften.
Melbourne is set to be the busiest auction market this week, with 746 homes scheduled for auction, rising from the 613 held last week. While over the same week last year a higher 956 auctions took place.
In Sydney, 443 homes are scheduled for auction this week, increasing on the 407 held last week and lower than the 714 auctions held one year ago.
Across the smaller auction markets, Brisbane and Perth will see a higher volume of homes taken to auction this week, while Canberra and Tasmania have fewer scheduled auctions and activity across Adelaide will remain steady.
This week, all of busiest suburbs for auctions are in Victoria, topping the list with 18 scheduled auctions is Reservoir, followed closely by Craigieburn were 17 homes are set to go under the hammer, while Glen Waverley will host 11 auctions.
Summary of last week's results
The combined capital cities returned a final auction clearance rate of 57 per cent last week, improving on the 52 per cent over the week prior across a similar volume of auctions. There were 1,257 homes taken to auction last week, increasing slightly on the 1,178 held the previous week. While one year ago, a higher 1,748 auctions were held with a 69.9 per cent success rate.
Melbourne returned a final auction clearance rate of 59.9 per cent across 613 auctions last week, increasing on the 56.2 per cent over the week prior when fewer auctions were held (559).
Sydney’s final auction clearance rate came in at 55.2 per cent last week, rising on the week prior when the city returned the lowest reading since Dec-2012 with only 46.9 per cent of auctions successful. Auction volumes were virtually unchanged over the week with a total of 407 held.
As usual the performance across the smaller auction markets was mixed last week, with clearance rates improving in Adelaide and Brisbane, while Canberra, Perth and Tasmania saw clearances rates fall week-on-week.
The Gold Coast region was the busiest non-capital city region last week with 49 homes taken to auction, although only 33.3 per cent sold. Geelong was the best performing in terms of clearance rate with 61.5 per cent of the 32 auctions successful.