The 2020 auction market is now in swing, with over 1,000 capital city homes scheduled to go under the hammer this week. CoreLogic are currently tracking an additional 448 auctions compared to final figures last week (625).
The most substantial increase in volumes this week is expected across the two largest auction markets of Melbourne and Sydney, where volumes are set to double. Melbourne is set to see 379 homes taken to auction this week, while Sydney has 408 auctions scheduled.
The smaller cities aren’t quite seeing the same uplift over the week, with scheduled volumes lower in Adelaide, Canberra and Tasmania.
If we compare volumes to the same week last year, volumes are up across Sydney (26.7%), Melbourne (8.3%), Brisbane (24.4%) and Canberra (45.5%), while there are fewer auctions year-on-year in Adelaide (-5.1%), Perth (-13.9%) and Tasmania (-42.9%).
Summary of Last Week's results
There were 625 capital city homes taken to auction last week, returning a final auction clearance rate of 61%, lower than what we were seeing over the second half of 2019 when the weighted average remained around the 65-70% range each week. However it’s still early days for the 2020 auction market and as activity picks up over the coming weeks we will get a real sense of market conditions.
There were 211 Melbourne homes taken to auction last week, returning a final auction clearance rate of 65.8%, coming in higher than one year ago when 44.3% of the 162 auctions reported a successful result.
In Sydney, 158 auctions took place with 72.9% clearing. One year ago, a lower 130 auctions took place when a 49.5% per cent clearance rate was recorded.
Across the smaller auction markets, results were varied with 59.3% of Canberra homes selling, while Brisbane returned a 36.6% final clearance rate.