Auction activity is expected to see a slight increase this week across the combined capital cities, with 2,086 properties scheduled to go to auction, up from last week’s final of 2,064 auctions held.
Volumes have remained relatively steady throughout most of July-August, and have continually tracked higher each week when compared to the equivalent week’s last year, however while volumes are to increase this week, this will be the first week since early May where volumes are expected to be lower than what was seen one year ago, with results from last year reporting a slightly higher 2,153 auctions held.
Across Melbourne and Sydney, the number of properties scheduled to go to auction this week is set to be higher than last week, with 1,039 and 760 auctions currently being tracked, increasing from last week’s 1,001 and 720 auctions held respectively.
While the larger markets are to see an uplift over the week, activity across the smaller markets is set to fall by varying degrees, with Adelaide expected to see the most notable decrease in activity down by 32.7 per cent when compared to last week, followed by Tasmania (28.6 per cent), Perth (14.3 per cent), Canberra (10.3 per cent) and Brisbane (7.4 per cent).
Bentleigh East and Reservoir in Victoria are the busiest suburbs for auctions this week, with each set to host 17 auctions, followed by Mount Waverley (Vic) with 16 auctions, and Mosman in NSW with 15 auctions scheduled.
Summary of Last Week's Results
Last week, the final auction clearance rate across the combined capital cities rose to 69.8 per cent, across a higher volume of auctions week-on-week. There were 2,064 capital city auctions held last week, which was higher than 2,040 auctions held over the week prior, when 67.5 per cent cleared. One year ago, volumes were lower with 1,795 auctions recorded over the corresponding week last year, however the clearance rate was a higher 75.2 per cent.
Melbourne’s final auction clearance rate improved last week, up to 75.6 per cent after final figures saw the clearance rate for the city drop to it’s lowest levels since July 2016 over the week prior (69.8 per cent). Melbourne also saw an increase in volumes last week, with 1,001 auctions held, up from 955 the previous week, while in Sydney, volumes were lower over the week, with 720 auctions held across the city, down from 798 the week prior. Sydney’s final clearance rate improved slightly, increasing to 67.8 per cent last week from the 67.6 per cent the prior week.
Performance was mixed across the remaining capital cities, with clearance rates improving in Brisbane, Perth and Tasmania, while falling in Adelaide and Canberra. However, all saw an increase in volumes over the week, with the exception of Perth where volumes were unchanged.
Of the non-capital city regions, Geelong recorded the highest clearance rate with 88.0 per cent of the 29 auctions clearing last week, while the Gold Coast had the highest volume of auctions (53).