There are 11 homes in Victoria’s Bentleigh East set to go under the hammer this week, making it the busiest individual suburb for auctions. Northcote and Reservoir also in Victoria follow very closely with 10 scheduled auctions each.
The number of homes scheduled to go to auction across the combined capital cities this week is expected to be lower, with 1,201 auctions currently being tracked by CoreLogic, down 19 per cent on last week’s 1,484 auctions held as at final figure.
The two largest auction markets of Melbourne and Sydney are both expected to see a fall in auction volumes over the week, with 497 Melbourne homes to be auctioned and 469 scheduled auctions across Sydney, down on last week’s 635 and 558 auctions held respectively.
Auction volumes are relatively steady week-on-week across Brisbane and Perth this week, while the remaining capital cities are all expected to see volumes fall.
Summary of Last Week’s results
The combined capital city final auction clearance rate came in at 60.5 per cent last week, while there were only 21 fewer auctions week-on-week. The previous week saw a higher 61.8 per cent of the 1,505 homes taken to auction returning a successful result. Compared to one year ago, clearance rates have improved over the last few weeks compared to the equivalent weeks last year, however volumes continue to track lower.
Melbourne returned a final auction clearance rate of 68.9 per cent across 635 auctions last week, which happened to be the strongest result seen across the city since March last year. Melbourne has seen clearance rates track above 60 per cent 5 out of the last 6 weeks now, while volumes have remained lower year-on-year.
In Sydney, 558 homes were taken to auction last week with 60.9 per cent selling, lower than the week prior when 66.4 per cent of Sydney homes sold across a lower volume of auctions (534). Sydney’s clearance rate has tracked above 60 per cent 4 out of the last 5 weeks, however like Melbourne volumes continue to track lower each week when compared to the corresponding weeks in 2018.
Across the smaller auction markets, Canberra returned the strongest clearance rate with 55.6 per cent of homes selling at auction, while Perth returned a final clearance rate of 13.3 per cent.