The combined capital cities are expected to see a lower volume of auctions this week. CoreLogic is currently tracking 2,075 auctions, down on final results last week which saw 2,577 auctions held. While a significantly lower 1,689 auctions were held over the corresponding week last year.
Both Melbourne and Sydney, Australia’s two largest markets are set to see fewer auctions take place this week, with 1,035 Melbourne homes currently scheduled to go under the hammer, down from 1,334 last week and 706 auctions scheduled across Sydney, decreasing from the 826 auctions held last week.
All of the remaining capital cities are also expected to host fewer auctions this week.
This week, all of the busiest suburbs for auctions are in Victoria; topping the list with 20 scheduled auctions is Craigieburn. Following closely with 18 auctions is Northcote, while Preston and Reservoir will host 16 auctions each.
Summary of last week's results
Last week, the combined capital cities saw auction volumes increase with a total of 2,577 held, the higher volumes returned a final auction clearance rate of 60.3 per cent, which was lowest weighted average clearance rate seen over the year-to-date, down on the week prior when 62.2 per cent of auctions were successful (1,799 auctions).
Melbourne’s final auction clearance rate last week maintained strength across a higher volume of auctions week-on-week, with a total of 1,334 auctions held returning a 63.9 per cent rate of clearance, increasing slightly from the week prior when 63.6 per cent of the 914 auctions held were successful.
Sydney’s final auction clearance rate dropped to its lowest level over the year-to-date, with only 55.8 per cent of auctions clearing. There were 829 auctions held across the city, which was considerably higher than the 588 auctions held over the week prior when a much stronger 63.6 per cent cleared.
All of the smaller auction markets saw an increase in activity last week; clearance rates were varied however, with Adelaide and Tasmania showing a fall week-on-week, while Brisbane and Perth returned stronger results, and Canberra’s clearance rate remained steady.
Of the non-capital city auction markets, Geelong returned the highest final clearance rate of 67.7 per cent across 44 auctions.