This week, auction volumes are expected to remain somewhat steady on both a week-on-week and year-on-year basis.
CoreLogic are currently tracking 1,190 auctions this week, while final results last week saw 1,154 auctions take place and one year ago 1,111 auctions were held.
In Melbourne, 275 homes are set to be auctioned this week, down on the 357 last week and the 500 last year.
There are 692 Sydney homes set to go under the hammer this week, increasing by over 20% on last week’s volumes (566) and almost double the number of auctions held over the same week last year (367).
Adelaide (46), Brisbane (109) and Canberra (51) all have a lower number of auctions scheduled over the week, while volumes are higher across Perth (17).
Summary of last week’s results
Last week saw the final weighted average clearance rate improve across a lower volume of auctions and fewer withdrawn auctions. There were 1,154 capital city homes scheduled for auction last week, returning a final auction clearance rate of 58.7%. This was higher than the 54.1% clearance rate over the previous week when 1,326 auctions took place. Auction volumes are currently tracking at similar levels to last year, with 1,108 capital city homes auctioned over the same week one year ago. Clearance rates were however higher one year ago with 66.4% of homes selling over the same week last year.
Melbourne returned a final auction clearance rate of 55.1% last week, which was an improvement on the 46.9% the week prior as fewer auctions were held and the withdrawal rate decreased. There were 357 scheduled auctions across the city, down on the 540 the previous week. Of the 354 results collected, 104 properties were withdrawn from the market. The withdrawal rate of auctions came in at 29% last week, which was lower than the 40% recorded the week prior. A large proportion of sold properties continue to be sold prior to the scheduled auction date, with 47.7% of sold results reportedly sold prior last week.
Sydney returned a final auction clearance rate of 60.7% across a slightly lower volume of auctions last week (566). This was a steady week-on-week result in terms of clearance rate with the week prior recording a 60.6% success rate across 594 auctions. One year ago, a higher 72% of auctions were successful, however volumes were lower (386).
Canberra was the best performing capital city last week, with 81% of homes selling at auction. Followed by Adelaide (58%), Brisbane (51.4%) and Perth (36.4%).