Given the low activity in Victoria this week, it’s no surprise that all of the busiest suburbs for auctions are in New South Wales. Topping the list with 12 homes scheduled to go under the hammer is Rose Bay, followed by Paddington, St Ives and Woollahra with 10 scheduled auctions each.
This week, there are fewer auctions scheduled to take place across the combined capital cities, with 1,438 currently being tracked by CoreLogic, which is half the volume of auctions recorded last week when the combined capital cities saw 2,928 homes taken to auction.
Across Melbourne, the number of auctions to be held is expected to fall this week, with only 234 Melbourne homes scheduled to go to auction. The lower volumes is likely due to the upcoming Melbourne cup festivities and coming off the back of the second busiest week for auctions this year (1,709).
Activity across Sydney is set to remain relatively steady week-on-week, with 764 homes scheduled for auction this week, decreasing by 4.3 per cent on last week’s final figures which saw 798 auctions held across the city.
Across the smaller auction markets, activity across Adelaide and Brisbane is virtually unchanged week-on-week, while Canberra, Perth and Tasmania are all expected to see a higher volume of auctions this week.
Summary of Last Week’s results
There were 2,928 capital city homes taken to auction last week, making it the fifth busiest week for auctions so far this year. While activity increased over the week, more than half of the homes taken to auction failed to sell. A final auction clearance rate of 47 per cent was recorded last week; the fifth consecutive week where the combined capital cities have seen less than 50 per cent of homes sell. Last year, there were 3,713 homes taken to auction over the same week, when a much higher 64.5 per cent sold.
Melbourne’s final auction clearance rate came in higher week-on-week. The improved clearance rate last week was across the second highest volume of auctions seen across the city this year. There were 1,709 auctions held, returning a clearance rate of 48.6 per cent, having increased on the 45.7 per cent over the week prior when 1,087 auctions were held.
In Sydney, 798 auctions took place last week with 45.3 per cent successful, up from the 44.6 per cent over the week prior when fewer auctions were held (675). Although the clearance rate was higher over the week, it remained much lower than the 58.3 per cent of homes successful at auction over the same week last year when a significantly higher 1,215 auctions took place.
Across the smaller auction markets, Adelaide was the best performing in terms of clearance rate with 57.6 per cent of homes selling at auction last week, although this was lower than the previous week.
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.