The combined capital cities are set to see fewer auctions take place this week, with a total of 1,323 properties scheduled to go under the hammer.
The number of auctions currently being tracked this week is down on last week’s final result which saw 1,671 auctions held. Overall activity is also expected to be lower than figures from over the corresponding week one year ago, when 1,766 auctions were held across the capital city markets.
Of the two largest auction markets, Melbourne is to see the most significant drop in activity this week, with 594 homes scheduled for auction, down 24.9 per cent on last week’s final figures (791). While In Sydney, volumes are set to fall to a lesser degree with 521 homes scheduled to go to auction, decreasing on the 634 auctions held last week.
Canberra and Tasmania are the only markets that are expected to see a higher volume of auctions, with week-on-week activity down in Adelaide, Brisbane and Perth.
This week, all of the busiest suburbs for auctions are in Victoria, topping the list with 12 homes set to go under the hammer is Mernda, followed by Craigieburn, Glenroy, Lalor, Mount Waverley and Reservoir each with 10 auctions scheduled.
Summary of last week's results
Last week, the combined capital cities saw fewer homes taken to auction, with a total of 1,671 held, down on the week prior when 1,849 auctions took place. The lower volumes also returned a lower week-on-week final clearance rate of 52.6 per cent, compared to 55.5 per cent of homes clearing at auction the week prior. The weighted average clearance rate has tracked below 60 per cent for 8 consecutive week’s now, while over the same 8 week period last year clearance rates were tracking within the low 70 to high 60 per cent range.
Melbourne’s final auction clearance rate fell to 57.2 per cent across a lower volume of auctions week-on-week with 791 held, down on the 941 auctions over the week prior when a higher 59.9 per cent cleared.
In Sydney, less than half of the homes taken to auction sold last week. The city returned a final auction clearance rate of 49.7 per cent, down slightly on the 50.1 per cent the previous week, with volumes across the city remaining relatively steady over the week with a total of 634 held.
All of the remaining auction markets saw a lower volume of auctions last week, with the final clearance rate across each market also falling week-on-week.
Geelong has been the best performing regional market for consecutive weeks now, the region recorded a final clearance rate of 82.8 per cent last week across 40 auctions.