The busiest suburbs for auctions across the capital cities this week are all in Melbourne:
- Reservoir - 13 auctions
- Frankston and Mount Waverley - 12 auctions each
- Bentleigh East, Doncaster East and Richmond – 11 auctions each
Auction volumes are set to increase across the combined capital cities this week with CoreLogic currently tracking just over 1,500 auctions, up from 1,415 last week. Over the same week last year 1,748 homes were taken to auction across the capitals.
Melbourne is expecting to see around 720 homes taken to auction this week, up from 662 last week, although lower than this time last year (805). Sydney is also set to host a higher volume of auctions week-on-week with 559 auctions scheduled, up from 503 last week although again lower than this time 12 months ago (664).
Across the smaller auction markets, Adelaide, Brisbane and Perth are expecting a rise in auction volumes week-on-week. Canberra will see a fall in auction volumes over the week, while in Tasmania, there is only 1 auction on the radar so far this week.
Summary of Last Week’s Results
Last week, 1,415 homes were taken to auction across the combined capital cities returning a final auction clearance rate of 74.2 per cent, the highest clearance rate recorded since April 2017 and the second week in a row where the final clearance rate has held above 70.0 per cent. Over the previous week, 1,228 auctions were held and a clearance rate of 73.0 per cent was recorded, while one year ago, 1,915 homes were taken to auction returning a clearance rate of 54.6 per cent.
Melbourne saw 662 homes taken to auction last week, up from 588 over the previous week. The final clearance rate for Melbourne was recorded at 77.0 per cent last week, increasing from 76.2 per cent over the previous week. Melbourne has seen the final clearance rate hold above 70 per cent for 6 of the last 7 weeks now, while one year ago a clearance rate of just 56.5 per cent was recorded, although auction volumes were higher (899).
In Sydney, 503 homes went to auction across the city last week returning a final clearance rate of 78.1 per cent, the highest clearance rate the city has seen since February 2017 although at that time a significantly higher volume of homes were taken to auction. In comparison, 446 homes were taken to auction over the previous week and the clearance rate came in at 76.2 per cent. This time last year 721 auctions were held in Sydney while the clearance rate was a lower 53.2 per cent.
Of the non-capital city auction markets, the Gold Coast had the highest volume of auctions (41) last week, while the Hunter region was the best performer in terms of clearance rates with 72.0 per cent of reported auctions recording a successful result.