The busiest suburbs for auctions across the nation this week are all in NSW:
- Belmore & Mosman- 12 auctions each
- Chatswood & Manly– 11 auctions each
- Bellevue Hill & Marsfield– 10 auctions each
There are 1,433 capital city homes scheduled for auction this week, with volumes down 45% on last week’s 2,622 auctions held, which was the busiest week for auctions we’ve seen since December last year.
The lower volumes this week is due to the dip in volumes across Melbourne as the city comes to a halt amidst the Melbourne cup celebrations, with 85.7% fewer homes scheduled for auction this week after the city recorded its busiest week for auctions this year over the previous week (1,528). The city will host a very subdued 218 auctions this week, which is lower than volumes from the same week one year ago (266).
In Sydney, the number of homes scheduled for auction is set to increase slightly with 793 auctions scheduled to take place compared to last week’s 771 auctions held. One year ago, a higher 813 Sydney homes were taken to auction over the same week.
Across the smaller auction markets, volumes are expected to be higher across all cities, with the exception of Tasmania where only 4 auctions are scheduled this week.
Summary of Last Week’s results
Last week saw auction volumes reach their highest level this year, with 2,622 capital city homes taken to auction. The last time volumes were at a similar level was in December last year with volumes having continued to trend lower each week relative to a year ago throughout 2019. The higher volumes returned a final clearance rate of 72.2%, which was a slight improvement on the week prior when 72.1% of the 1,955 capital city homes sold at auction.
There were 1,528 Melbourne homes auctioned last week; the highest number of auctions held across the city in the last 12 months. The final clearance rate came in at 75.1% which was an improvement on the 73.3% the previous week when volumes were lower (915). One year ago, 1,709 auctions took place across the city however the final clearance rate was a significantly lower 48.6%.
In Sydney, 771 homes were taken to auction, up on the previous week when 727 auctions took place. The final clearance rate fell week-on-week, from 79.2% the previous week to 74.3 per cent last week. Compared to one year ago, volumes were a higher 798 however less than half of these sold (45.3%).
Adelaide was the best performing across the smaller auction markets with 125 homes taken to auction, returning a final auction clearance rate of 64%, Canberra followed with a 56.4% success rate last week.