The busiest suburbs for auctions this week are in Victoria. Glen Waverley and Reservoir top the list with 15 homes scheduled for auction, followed closely by Craigieburn (14), Richmond (13) and Glen Iris (12).
Auction activity across the combined capital cities will remain relatively steady this week, with a total of 1,828 homes set to go under the hammer, increasing on last week’s final figure which saw 1,748 auctions take place.
Volumes continue to trend lower each week when compared to the corresponding period last year, with property values progressively declining throughout 2018; resulting in fewer properties selling at auction and less activity as vendor confidence wanes. Over the same week last year, 2,258 capital city homes went to auction; a difference of almost 20 per cent on the number of auctions we are currently tracking this week.
Summary of last week's results
Melbourne is set to host 842 auctions this week, increasing on last week’s 805 auctions held at final figures, although significantly lower than the 1,111 auctions held over the same week last year.
In Sydney, there are 634 homes scheduled for auction across the city this week, which is a slight fall on last week’s 664 auctions held, and lower than the 826 held last year.
All of the smaller auction markets are expected to see a higher volume of auctions this week, with the exception of Tasmania where fewer auctions are scheduled.
The first week of Spring saw a total of 1,748 auctions take place across the combined capital cities, returning a final clearance rate of 55 per cent; another steady result this week with clearance rates remaining within the low-mid 50 per cent range since May. Last week’s result was a slight increase on previous week’s 54.6 per cent success rate, however a higher 1,915 auctions were held. This time last year, the clearance rate was 66.4 per cent across 2,074 auctions.
Melbourne’s final clearance rate was recorded at 57 per cent this week across 805 auctions, increasing from 56.5 per cent across 899 auctions over the previous week. One year ago, 976 auctions were held across the city and a much higher clearance rate of 71.3 per cent was recorded.
Sydney’s final auction clearance rate was recorded at 53.8 per cent across 664 auctions last week, increasing from 53.2 per cent across 721 auctions over the week prior. Over the same week last year, 779 Sydney homes went to auction with a success rate of 65.5 per cent.
Across the smaller auction markets, clearance rates improved everywhere except Canberra and Tasmania over the week.
Of the non-capital city auction markets, Hunter and Wollongong returned an equal highest clearance rate of 63.6 per cent, although Wollongong had a higher volume of auctions (38). In terms of highest volumes, the Gold Coast saw the most auctions held (48), however only 25 per cent sold, making it the worst performing region.
Sub region auction results