Given the upcoming Easter long weekend, auction volumes are much lower this week with only 540 capital city auctions scheduled; significantly lower than last week when 3,990 auctions were held across the combined capital cities.
Almost 60 per cent of all capital city auction activity is scheduled to take place in Sydney this week (319 auctions), while in Melbourne, just 115 auctions will be held.
Just over 100 auctions are scheduled to take place across the remaining capital cities, with 51 of those scheduled to take place in Brisbane and 29 in Adelaide. Canberra is set to host 19 auctions this week, while Perth is expecting just 7 auctions.
There are currently no scheduled auctions in Tasmania this week.
This week, Sydney has more auctions scheduled than any other capital city market, so it is not surprising that the busiest individual suburbs for auctions are all located within the city. Woollahra (11), Bondi Beach (10), Rose Bay (9), Bondi (8) and Mosman (8) will host the highest volume of auctions.
Summary of lats week's results
Last week saw auction volumes break a new record with 3,990 homes taken to auction across the combined capital cities in the lead up to Easter, exceeding the previous high of 3,908 over the week ending 30th November 2014. The final auction clearance rate fell to 62.7 per cent last week, down from 66.0 per cent across 3,136 auctions the previous week. Over the same week last year, 3,171 auctions were held, returning a significantly stronger clearance rate (74.5 per cent).
Melbourne’s clearance rate last week was 65.8 per cent across 2,071 auctions, making it the busiest week on record for the city. In comparison, there were 1,653 auctions held across the city over the previous week, returning a clearance rate of 68.7 per cent. This time last year, 1,607 homes were taken to auction, and a clearance rate of 78.9 per cent was recorded. Sydney was host to 1,383 auctions last week, the most auctions held across the city since the week leading up to Easter 2017 (1,436), while over the previous week, 1,093 auctions were held. The clearance rate for Sydney fell to 61.1 per cent, down from 64.8 per cent over the previous week, while this time last year, Sydney’s clearance rate was a stronger 75.8 per cent.
Across the smaller auction markets, auction volumes increased week-on-week, however looking at clearance rates, Adelaide (64.6 per cent) and Canberra (69.1 per cent) were the only cities to see a slight rise in the clearance rate over the week.
The Gold Coast region was the busiest non-capital city region last week with 87 homes taken to auction, while Geelong recorded the highest clearance rate at 79.7 per cent across 75 auctions.