The combined capital cities are expected to see a lower volume of auctions this week with CoreLogic currently tracking 1,557 auctions, down from 1,849 last week.
Melbourne is the busiest city for auctions again this week, with 735 auctions being tracked so far, down from 941 last week. Sydney has 606 auctions scheduled this week, down from 641 last week.
Perth is expecting to see a slight increase in auction volumes this week, with 33 auctions scheduled, up from 29 last week, while volumes are down across the remaining cities.
Over the same week last year, 2,001 homes went under the hammer across the combined capital cities, returning a clearance rate of 67.3 per cent.
Three of the four busiest suburbs for auctions are in Melbourne this week. Craigieburn tops the list with 22 homes scheduled for auction, followed by Epping (13) and Preston (12). Randwick in Sydney also features in the top 4 suburbs this week with 13 homes set to go under the hammer.
Summary of last week's results
Last week, a total of 1,849 auctions were held across the combined capital cities, returning a final clearance rate of 55.5 per cent, increasing from the previous week when 52.4 per cent of the 2,002 auctions held were successful, the lowest clearance rate seen since late 2012. This time last year, the clearance rate was 66.5 per cent across 2,355 auctions.
Melbourne’s final clearance rate was recorded at 59.9 per cent this week across 941 auctions increasing from 56.2 per cent across 992 auctions over the previous week. One year ago, 1,047 auctions were held across the city and a clearance rate of 70.7 per cent was recorded.
Sydney’s final auction clearance rate was recorded at 50.1 per cent across 641 auctions last week, increasing slightly from 49.4 per cent across 708 auctions over the previous week. Over the same week last year, 939 homes went to auction and a clearance rate of 68.2 per cent was recorded.
Across the smaller auction markets, clearance rates improved everywhere except Tasmania, however only 3 auctions were held there over the week.
Of the non-capital city auction markets, Geelong returned the highest final clearance rate, with a success rate of 71.4 per cent across 26 auctions.