The busiest suburbs for auctions across the nation this week are in:
- Reservoir (Vic) - 21 auctions
- Port Melbourne (Vic) – 19 auctions
- Kew (Vic) – 18 auctions
Auction activity is set to rise across the combined capital cities this week with 2,436 homes scheduled to go under the hammer, making it the busiest week for auctions so far this year. In comparison, there were 1,955 homes taken to auction over the previous week, while this time last year, a higher 2,928 auctions were held.
The increase in auction activity is largely due to Melbourne, where vendors are rushing to auction prior to the Melbourne Cup week slowdown. The city is currently expecting around 1,435 auctions this week, the busiest week Melbourne has seen since this time last year, when 1,709 homes were taken to auction.
Sydney is set to see auction volumes remain relatively steady week-on-week, with 729 homes set to go under the hammer this week, while one year ago, 798 auctions were held across the city.
As for the smaller auction markets, Adelaide and Tasmania will see auction volumes increase week-on-week, while Brisbane, Canberra and Perth will see fewer auctions.
Summary of Last Week’s results
There were 1,955 homes taken to auction across the combined capital cities last week, returning a final clearance rate of 72.1 per cent. In comparison, there were 2,022 homes taken to auction over the previous week and a final clearance rate of 73.5 per cent was recorded. One year ago, auction volumes were higher with 2,139 homes taken to auction, however the clearance rate was significantly lower with just 46.0 per cent of auctions returning a successful result.
Melbourne saw 915 homes go under the hammer last week, with final results showing a clearance rate of 73.3 per cent, down from 75.2 per cent across 974 auctions over the previous week. This time last year, 1,087 auctions were held across the city, returning a clearance rate of 45.7 per cent.
In Sydney, a final auction clearance rate of 79.2 per cent was recorded across 727 auctions last week, the highest final clearance rate the city has seen since February 2017. Over the previous week, 733 homes were taken to auction returning a final clearance rate of 76.9 per cent. Over the same week last year, 675 auctions were held across Sydney and a clearance rate of 44.6 per cent was recorded.
Across the smaller auction markets, the highest clearance rate was recorded in Canberra (62.7 per cent), followed closely by Adelaide (62.0 per cent). Auction volumes were lower across Adelaide, Canberra and Tasmania week-on-week. Brisbane saw an additional 15 homes taken to auction, while Perth had 6 extra auctions when compared to the previous week.