Auction activity is expected to be quite subdued across the capital cities this week, with a total of 814 homes scheduled for auction ahead of the Queen’s Birthday Public holiday this coming Monday; which is resulting in a long weekend for most of the states and territories
Melbourne will see the most significant drop in activity this week, with volumes down 77.5 per cent on last week’s final figures. There are 243 homes scheduled for auction across the city this week, down on last week’s final of 1,079 auctions held.
Sydney is set to be the busiest auction market this week, despite the public holiday slowdown, volumes are expected to fall to a lesser degree, with a total of 377 properties scheduled to go under the hammer, down from the 837 held last week at final results.
Brisbane and Perth are the only auction markets that will not have a public holiday, however the number of auctions scheduled for Brisbane are down on last week, with Perth being the only market to see a rise in volumes this week.
Craigieburn in Victoria is set to be the busiest suburb for auctions this week, with 9 scheduled, albeit activity is substantially lower across the individual suburbs. Following with 8 scheduled auctions is Marrickville in NSW and Glen Waverley with 7 homes scheduled for auction.
Summary of last week's results
Last week, the combined capital city final auction clearance rate softened further, with only 54.1 per cent of homes selling; marking the 4th consecutive week where the weighted average has declined. There were 2,281 homes taken to auction across the capitals last week, remaining relatively steady on the week prior’s 2,297 auctions held when a higher 56.2 per cent cleared. Both volumes and clearance rates have continued to track lower each week over the last 4 week’s compared to the equivalent period last year.
Melbourne returned a success rate of 59.8 per cent last week across 1,079 auctions, increasing slightly on the 59.0 per cent over the week prior when 1,132 auctions were held; a relatively steady week-on-week result across the city.
In Sydney, a total of 837 homes were taken to auction last week with less than half of these reportedly selling. A final auction clearance rate of 47.1 per cent was recorded across the city, the lowest seen since early 2016 when activity was less comparable over the January low season, prior to that, clearance rates were last this low throughout the late 2010-2012 market downturn.
Adelaide and Brisbane both saw an improvement in clearance rates week-on-week, while Canberra and Perth’s final clearance rate fell.
Across the non-capital city regions, the highest clearance rate was recorded across the Geelong region (62.9 per cent).
Sub region auction results