CoreLogic is tracking 2,121 capital city auctions this week, down slightly on last week’s 2,297 auctions held, with weekly volumes remaining relatively steady over past month while the weighted average clearance rate has continued to weaken. Over the same period one year ago, there was a considerably higher 2,578 auctions held.
As usual, Melbourne and Sydney are the two busiest capital city auction markets this week, with 990 and 791 homes scheduled to go to auction; down from last week’s final result which saw 1,132 and 814 auctions held across the cities respectively.
Auction activity is expected to be lower week-on week across Brisbane, Perth and Tasmania, while Adelaide and Canberra are expected to be the only capital cities this week to see.
This week, the busiest suburb for auctions is Reservoir in Victoria, with 20 homes set to go under the hammer, following closely with 17 auctions scheduled each is Port Macquarie in NSW and Bentleigh East in Victoria.
Summary of last week's results
The combined capital city final auction clearance rate fell to 56.2 per cent last week; the third consecutive week where the combined weighted average has progressively declined. There were 2,297 homes taken to market which was only slightly higher than the week prior when 2,100 auctions were held and 56.8 per cent cleared. The last time clearance rates were tracking at a similar level was in early 2013 when volumes were less comparable over what was the January low period (667).
There were 1,132 Melbourne homes taken to market last week, increasing on the 1,033 over the week prior. The higher volumes saw the final clearance rate drop below 60 per cent, with 59 per cent of auctions successful down on the 62 per cent the previous week.
In Sydney, both auction volumes and the final clearance rate increased last week, with 814 auctions held returning a final auction clearance rate of 56.1 per cent, which was higher than the 54 per cent over the previous week when 672 auctions were held across the city.
Adelaide, Canberra and Perth all saw a week-on-week improvement in clearance rates, while Brisbane and Tasmania’s clearance rate fell.
Across the non-capital city regions, the highest clearance rate was recorded across the Hunter region, with 72.4 per cent of the 54 auctions successful.