This week, the busiest suburb for auctions is Mount Waverley in Victoria with 18 homes scheduled to go under the hammer, followed by Richmond (Vic) with 17, while Port Macquarie (NSW) and Bentleigh East (Vic) with each be host to 16 auctions. (The higher activity across Port Macquarie this week is due to the McGrath Port Macquarie Auction Event).
This week, the number of auctions scheduled to take place across the combined capital cities is expected to rise, with 2,276 currently being tracked by CoreLogic, increasing from the 1,541 auctions held last week, although lower than results from one year ago (2,907).
Across Melbourne, auction activity is expected to rise considerably after the slowdown seen preceding the Melbourne Cup festivities last week, with the city set to host 1,074 auctions this week, up from the 266 auctions held last week.
In Sydney, 817 homes are scheduled to go to auction this week, increasing slightly from the 813 auctions held last week.
Across the smaller auction markets, the number of homes scheduled for auction this week is lower than last week across all cities.
Summary of Last Week’s results
The weighted average clearance rate saw further softening last week, with only 42.7 per cent of homes successful at auction. There were 1,541 auctions held across the combined capital cities, having decreased from the 2,928 auctions held over the week prior when a higher 47 per cent cleared. Both volumes and clearance rates continue to track lower each week when compared to the same period last year (2,046 auctions, 61.5 per cent).
In Melbourne, final results saw the clearance rate fall last week, with 45.7 per cent of the 266 auctions successful, down from the 48.6 per cent across a significantly higher 1,709 auctions over the week prior.
Across Sydney, the final auction clearance rate came in at 42.6 per cent across a slightly higher volume of auctions week-on-week, with 813 held, up from 798 the previous week when 45.3 per cent cleared. Sydney’s final clearance rate last week was not only the lowest seen this year, but the lowest the city has seen since December 2008.
The only capital city to see more than 50 per cent of auctions successful last week was Adelaide (50.8 per cent), however this was lower than the prior week’s 57.6 per cent. Brisbane saw the lowest clearance rate, with only 30 per cent of homes selling.
Geelong recorded the highest clearance rate of all the non-capital city regions, with 57.1 per cent of auctions reporting as successful, while the Sunshine Coast region had the highest volume of auctions (55).
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.