Three of the four busiest suburbs for auctions this week are in Melbourne with Reservoir coming in first place hosting 21 auctions. A surprise addition to the top suburbs is Port Macquarie in regional New South Wales with 19 homes going under the hammer, thanks in part to an Elders auction event on Sunday. Back to Melbourne, Preston is set to host 17 auctions this week followed by Richmond with 14 auctions.
The number of homes scheduled to go to auction this week is set to rise across the combined capital cities after last week’s public holiday and grand final slowdown with CoreLogic currently tracking 1,725 auctions, almost double the volumes seen last week (895).
Melbourne is expecting to see volumes pick up again this week, with 860 properties scheduled to go under the hammer, after volumes dipped significantly last week amid the grand final hype (70). In Sydney, volumes are expected to sit at similar levels to last week with 584 homes currently scheduled for auction, compared to 608 last week.
Across the smaller auction markets, Adelaide, Brisbane and Perth will see an increase in activity this week, while Canberra and Perth will see fewer auctions take place.
Year-on-year auction volumes are lower across each individual capital city. A total of 2,318 homes were taken to auction this time last year.
Summary of Last Week’s results
Last week saw 895 homes taken to auction across the combined capital cities, returning a final auction clearance rate of just 45.8 per cent, the lowest clearance rate we have seen since the week ending 10 June 2012 (42.0 per cent). Over the previous week 2,404 homes were taken to auction returning a clearance rate of 52.4 per cent while this time last year, 969 homes were taken to auction and the clearance rate was 66.3 per cent.
Melbourne auction activity was subdued last week with just 70 homes taken to auction, returning a final clearance rate of 57.7 per cent across 52 results. Over the previous week, 1,161 auctions were held and the clearance rate was recorded at 53.8 per cent. Over the same week last year 122 homes were taken to auction across the city and a stronger clearance rate was recorded (87.0 per cent).
There were 608 homes taken to auction in Sydney last week returning a clearance rate of just 43.8 per cent, the lowest clearance rate the city has recorded since December 2008 and the 6th time this year the clearance rate has fallen below 50 per cent. Over the previous week, 851 homes were taken to auction and a clearance rate of 51.1 per cent was recorded, while this time last year 607 auctions were held returning a clearance rate of 64.9 per cent.
Across the smaller auction markets, clearance rates improved across Adelaide, while Perth and Tasmania saw no change in clearance rates week-on-week.
Of the non-capital city auction markets, the Hunter Region was the best performing in terms of clearance rate, with 6 of the 11 reported auctions selling (54.6 per cent), followed by the Gold Coast with a 32.3 per cent clearance rate across 31 results.
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.