There are 52% fewer homes scheduled for auction across the combined capital cities this week, with CoreLogic tracking 1,440 scheduled auctions, after last week saw volumes reach their highest levels since late Nov- Dec last year (3,026).
As Victoria welcomes a long weekend with the Labour Day public holiday this coming Monday, the Melbourne auction market is expected to slow with significantly fewer scheduled auctions over the week (390). This comes off the back of the busiest week the city has seen since late October 2018 last week, when 1,612 homes were taken to auction across the city.
In Sydney, scheduled volumes are expected to be lower across the city, with 796 homes set to go under the hammer this week, lower than the 1,087 auctions held last week at final figures.
Perth is the only capital city market expected to see a rise in volumes over the week, with volumes set to be lower across Adelaide (-25.9%), Brisbane (-17.6%), Canberra (-50.6%) and Tasmania (1 scheduled auction).
Summary of last week’s results
Last week, the strength of the auction market was tested as volumes rose across the combined capital cities with over 3,000 homes taken to auction, returning a success rate of 73.9%; the highest result not only this year, but the highest since August last year when volumes were much lower however. The last time the final weighted average clearance rate maintained strength across such a high volume of auctions was back in early 2017.
In Melbourne, 1,612 auctions took place last week returning a final clearance rate of 74.8%, making it the busiest week the city has seen since March 2018 when clearance rates were tracking roughly 10 percentage points lower. Over the week prior, a higher 76.1% of the 1,248 auctions reported a successful result.
There were 1,087 Sydney auctions last week, returning a 76.6% final auction clearance rate, making it the best performing capital city auction market last week. Coming in higher than the 74.5% the week prior when a lower 963 auctions were held.
Across the smaller auction markets Canberra returned the highest final clearance rate of 69.5%, followed by Brisbane (60.5%) and Adelaide (56.4%), while only 29.4% of auctions were successful across Perth.