Auctions This Week
The busiest suburbs for auctions across the nation this week are:
- St Ives (NSW)– 12 auctions
- Surry Hills (NSW) – 11 auctions
The combined capital cities are expecting 40 per cent fewer homes taken to auction this week, with the AFL grand final being held over the weekend, it looks to be a quiet week for auctions across Melbourne, contributing to the overall lower activity.
There are 1,181 capital city auctions currently being tracked by CoreLogic this week, down from the 1,983 held last week and higher than the 895 auctions held over the same week last year.
Sydney is set to be the busiest auction market this week, with 894 homes scheduled to go under the hammer, up on the 646 auctions held as at final results last week, and higher than the 608 auctions held one year ago.
The most notable decrease in activity will be in Melbourne, where a very subdued 84 auctions are scheduled this week; a 91.8 per cent drop in volumes from last week’s 1,020 auctions held. The lower activity this week is not unusual, we historically see activity plummet over what is the grand final weekend each year. Over the same week last year 70 auctions took place across the city.
The remaining capital cities are all expected to see a lower volume of auctions week-on-week.
Summary of Last Week’s Results
Last week saw 1,983 homes taken to auction across the combined capital cities, returning a final auction clearance rate of 70.7 per cent, down from the 72.8 per cent over the week prior when volumes were lower (1,639). Over the same week last year, 2,404 homes went to auction and a clearance rate of 52.4 per cent was recorded.
Melbourne’s final clearance rate was recorded at 75.6 per cent across 1,020 auctions last week, compared to 74.5 per cent across a lower 826 auctions over the previous week. This time last year a higher 1,161 homes were taken to auction across the city and a much lower clearance rate was recorded (53.8 per cent).
Sydney’s final auction clearance rate came in at 72.7 per cent across 646 auctions last week, down from 76 per cent across 585 auctions over the previous week. Over the same week last year, 851 Sydney homes went to auction returning a final clearance rate of 51.1 per cent.
Auction clearance rates were lower week-on-week across the remaining capital cities, with Canberra returning the highest clearance rate of 64 per cent.