This week, all of the busiest suburbs for auctions are in Victoria. Topping the list with 21 homes scheduled for auction is Reservoir, followed by Bentleigh and Brighton with 15 and 13 scheduled auctions respectively.
This week, CoreLogic is currently tracking 1,933 capital city auctions, which is more than double the auctions held last week (930), coming off the back of election week.
Melbourne and Sydney are expected to see a higher volume of auctions this week, with 909 and 680 homes set to go under the hammer, up from last week’s final result of 432 and 276 auction’s held respectively.
Across the smaller markets, activity is expected to be higher week-on-week across all capital cities.
The number of properties scheduled for auction this week is set to be lower than final results from the same week last year when 2,297 auctions were held.
Summary of Last Week’s results
Last week, the combined capital city final auction clearance rate surpassed the previous week as the highest final weighted average result since September 2018, with 55.2 per cent of homes reported as selling. The improved clearance rate however was across a lower volume of auctions over the week, with a subdued 930 homes auctioned as the Federal election hype took over the nation. The week prior saw 1,218 capital city auctions, 54 per cent which sold.
There were 432 Melbourne auctions held last week, returning a 60.7 per cent final auction clearance rate, up from the 55.7 per cent the previous week when a higher 546 homes were taken to auction.
In Sydney, the final auction clearance rate fell to 56.5 per cent after the week prior saw the city return its highest final result since May last year (59 per cent). There were 276 homes taken to auction across the city last week, down from the 445 homes auctioned over the week prior.
Across the smaller auction markets, Canberra was the best performing in terms of clearance rate with 51.7 per cent of homes successful at auction last week, followed closely by Adelaide with a 50.7 per cent clearance rate.