This week, Ipswich in Brisbane will see 41 units go up for individual auction, making it the busiest suburb for auctions this week across the capital cities. Marrickville in NSW and Ferntree Gully in Vic come in equal second busiest auction market with 6 scheduled auctions each.
Scheduled auction volumes are much lower week-on-week with 739 capital city homes set to go under the hammer, down on the 1,661 auctions held last week. The lower volumes is likely due to the upcoming Queens Birthday public holiday which will result in a long weekend across all states but Qld and WA.
Sydney is expected to be the busiest auction market this week, with 287 homes scheduled for auction across the city, down on the 677 auctions last week.
There are 193 Melbourne homes scheduled for auction this week, down significantly on the 730 auctions held last week.
Brisbane, Perth and Tasmania are all expected to see a higher number of homes taken to auction this week, while auction volumes are down in Adelaide and Canberra.
Summary of Last Week’s results
The combined capital city final auction clearance rate came in at 58 per cent last week, surpassing the previous weeks 57.7 per cent as the strongest result seen in over 12 months. There were 1,661 homes taken to auction last week, which was lower than the week prior when 2,055 auctions took place. The last few weeks have seen final clearance rates track higher than one year ago, however volumes are still trending lower each week relative to the same week’s last year. Over the same week in 2018, 2,281 homes were taken to auction returning a final auction clearance rate of 54.1 per cent.
The higher weighted average result last week can be attributed to the improved clearance rates across both Melbourne and Sydney with both cities coming in with a final clearance rate above 60 per cent.
In Melbourne, 730 homes were auctioned last week with 61.6 per cent clearing, increasing on the 59.6 per cent over the week prior when volumes were higher (968). Sydney returned the strongest final clearance rate last week, nudging just above Melbourne with 61.8 per cent of homes selling. This was however lower than the week prior when the city saw 62.1 per cent of auctions cleared. There were 677 homes auctioned across Sydney last week, down on the previous week when 707 auctions took place.
The remaining auction markets all saw both a decrease in the number of homes auctioned and final clearance rates. Canberra returned the strongest clearance rate of 52.3 per cent, while Brisbane saw the weakest final result with only 30.4 per cent of auctions successful.