The Melbourne suburb of Bentleigh East is host to the highest volume of auctions this week, with 18 homes set to go under the hammer. Cheltenham, Kew, Mount Waverley, Reservoir and Yarraville, all in Melbourne, are expecting 12 auctions each this week, along with Mosman in Sydney.
Auction volumes are expected to fall across the combined capital cities this week with CoreLogic currently tracking 1,862 auctions, down from 2,164 last week, although volumes are similar to this time last year when 1,839 homes were taken to auction.
In Melbourne, Australia’s largest auction market, the number of scheduled auctions has fallen week-on-week with 840 homes set to go under the hammer across the city, down from 978 last week. Over the same week last year, 723 auctions were held.
Sydney is expecting to see fewer properties taken to auction this week with 700 homes currently scheduled to go under the hammer across the city, down from 801 last week and 795 last year.
Across the smaller auction markets, Canberra, Perth and Tasmania are expecting to see an increase in auction volumes week-on-week, while activity is set to be lower in Adelaide and Brisbane.
Summary of Last Week’s results
Last week saw 2,164 homes taken to auction across the combined capital cities, returning a final auction clearance rate of 50.9 per cent, unchanged from the previous week when 1,667 auctions were held. Over the same week last year just 670 auctions were held due to the Easter weekend, returning a clearance rate of 64.8 per cent.
Melbourne was the busiest city in terms of auction activity with 978 homes taken to auction, returning a final clearance rate of 52.1 per cent. In comparison, there were 814 homes taken to auction across the city over the previous week, returning a clearance rate of 55.1 per cent. This time last year, just 152 homes were taken to auction across the city and a stronger clearance rate was recorded (65.5 per cent).
There were 801 homes taken to auction in Sydney last week returning a clearance rate of 54.3 per cent. Over the previous week, 506 homes were taken to auction and a clearance rate of 52.1 per cent was recorded, while this time last year 394 auctions were held returning a clearance rate of 67.9 per cent.
Across the remaining auction markets, Canberra saw a fall in clearance rates week-on-week, while all other cities saw an improvement.
Of the non-capital city auction markets, the Gold Coast had the highest volume of auctions (52) last week, while the Sunshine Coast was the best performer in terms of clearance rates with 45.5 per cent of reported auctions recording a successful result.