With such low activity in Victoria this week, it is no surprise that the busiest suburbs for auctions are in NSW, with Mosman topping the list with 19 scheduled auctions, followed closely by Randwick (13), Bellevue Hill (11) and Port Macquarie (10).
The combined capital cities are expecting 65 per cent fewer homes taken to market this week, with half the nation host to an upcoming public holiday, combined with both the NRL and AFL grand finals being held over the weekend, it looks to be a quiet week for the auction markets.
There are 846 capital city auctions currently being tracked by CoreLogic this week, down from the 2,404 held last week and lower than the 969 auctions held over the same week last year.
Sydney is set to be the busiest auction market this week, with 586 homes scheduled to go under the hammer, down on the 851 auctions held as at final results last week, and only slightly lower than the 607 held one year ago.
The most notable decrease in activity will be in Melbourne, where a very subdued 64 auctions are scheduled this week; a 94.5 per cent drop in volumes from last week’s 1,161 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 122 auctions took place across the city.
Brisbane is expected to be the second busiest capital city this week, with 80 scheduled auctions, however this is lower than last week’s 124 auctions. The remaining capital cities are all expected to see a lower volume of auctions week-on-week, with the exception of Tasmania where activity will remain steady.
Summary of Last Week’s results
Last week saw 2,404 homes taken to auction across the combined capital cities, returning a final auction clearance rate of 52.4 per cent, increasing from the 51.8 per cent over the week prior which was the lowest seen since Dec-12. Over the same week last year, 2,782 homes went to auction and a clearance rate of 66.2 per cent was recorded.
Melbourne’s final clearance rate was recorded at 53.8 per cent across 1,161 auctions last week, compared to 54.1 per cent across a lower 988 auctions over the previous week. This time last year a higher 1,361 homes were taken to auction across the city and a much stronger clearance rate was recorded (70.6 per cent).
Sydney’s final auction clearance rate came in at 51.1 per cent across 851 auctions last week, up from 48.6 per cent across 669 auctions over the previous week. Over the same week last year, 1,033 Sydney homes went to auction returning a final clearance rate of 65.9 per cent.
Across the smaller auction markets, clearance rates improved across Adelaide and Tasmania, while Brisbane, Canberra and Perth saw clearance rates fall week-on-week.
Of the non-capital city auction markets, the Geelong region was the best performing in terms of clearance rate (61.1 per cent), followed by the Hunter region where 58.8 per cent of homes sold.
CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.