The busiest suburbs for auctions across the capital cities this week are:
- Reservoir (Vic) - 15 auctions
- Mount Waverley (Vic) - 12 auctions
- Mosman (NSW), Randwick (NSW), Balwyn North (Vic), Bentleigh East (Vic) – 11 auctions each
There are 1,413 capital city homes scheduled to go under the hammer this week, down -12.5 per cent on last week when 1,615 homes were auctioned, and lower than the 1,916 auctions held over the same week last year.
Across the two largest auction markets of Melbourne and Sydney, volumes are expected to be lower week-on-week and year-on-year.
There are 694 scheduled auctions across Melbourne this week, down on last week when 768 auctions took place across the city and -22.1 per cent lower than last year.
In Sydney, 501 homes are set for auction this week, down -15.1 per cent on last week when 590 homes were auctioned and -23.6 per cent lower than one year ago (656).
Adelaide, Brisbane and Perth are each expected to see fewer homes auctioned week-on-week, while activity across Canberra is set to increase and Tasmania has only one scheduled auction this week.
Summary of Last Week’s results
Last week, there were 1,615 capital city homes auctioned, increasing from the week prior when 1,415 auctions took place. The higher activity saw the final auction clearance rate ease, returning a 70 per cent success rate, down from the week prior when 74.2 per cent of capital city homes sold at auction. Year-on-year volumes continue to trend lower each week, however last week’s volumes were down only -7.6 per cent on the same week last year. While clearance rates are tracking around 15-20 percentage points higher each week.
Melbourne returned a final auction clearance rate above 70 per cent for the sixth consecutive week last week, while Sydney held above 70 per cent for the ninth consecutive week.
There were 768 Melbourne homes auctioned last week, returning a final auction clearance rate of 74.4 per cent, up on the 662 auctions held the previous week when a higher 77 per cent cleared.
In Sydney, 590 homes were taken to auction, increasing on the previous week when 503 auctions took place. The higher volumes saw the final auction clearance rate fall to 74.5 per cent after the previous week returned a clearance rate in the high 70’s (78.1 per cent).
While the two larger auction markets have seen clearance rates consistently improve of late, the smaller markets have been less consistent showing varied results each week. Canberra was the best performing of the smaller cities last week, with 64.3 per cent of homes selling at auction.