The busiest suburb for auctions this week is Victoria’s Reservoir, with 26 homes set to go under the hammer. Following with 19 scheduled auctions each is Port Macquarie and Randwick both in NSW and Glen Waverley (Vic).
The combined capital cities are expected to see a lower volume of auctions this week with CoreLogic currently tracking 2,498 auctions, down from 2,749 last week and significantly lower than the 3,371 over the same week last year.
Melbourne is set to see volumes fall over the week, with 1,205 auctions being tracked so far, down from last week when 1,378 auctions were held across the city and much lower than 12 months ago when 1,833 homes went under the hammer.
In Sydney, 840 homes are currently scheduled for auction this week, down from 937 last week and lower than the same week last year when 1,007 auctions were held.
Across the smaller auction markets, Brisbane is expected to be the only city to see a rise in volumes week-on-week, with fewer auctions scheduled in Adelaide, Canberra, Perth and Tasmania.
Summary of Last Week's results
Last week, 2,749 homes were taken to auction across the combined capital cities, slightly higher than the week prior when 2,701 auctions took place. The higher volumes saw the final clearance rate weaken further with only 41.3 per cent of homes selling at auction; making it the lowest result seen since Oct 2011. In comparison, this time last year, 3,291 homes went to auction and a clearance rate of 60.3 per cent was recorded.
Melbourne’s final clearance rate was recorded at 42.7 per cent across 1,378 auctions last week, improving on the 41.4 per cent final clearance rate the previous week across a lower 1,132 auctions. Over the corresponding week last year 1,647 Melbourne homes were auctioned and a stronger clearance rate was recorded (65.4 per cent).
Sydney’s final auction clearance rate came in at 41.6 per cent across 937 auctions last week, falling from the 44.8 per cent across a higher 1,035 auctions over the previous week. Over the same week last year, 1,143 homes went to auction returning a clearance rate of 56.2 per cent. Across the smaller auction markets, clearance rates improved in Perth and Tasmania, while Adelaide, Brisbane and Canberra saw clearance rates fall week-on-week.
Of the non-capital city auction markets, Geelong was the best performing in terms of clearance rate (46.4 per cent).
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.