The combined capital cities are set to see auction activity increase by 50.7% week-on-week with 2,742 homes currently scheduled for auction this week, up from 1,819 over the previous week.
The lower volumes last week were likely due to the ANZAC Day long weekend. Over the same week last year, 2,902 auctions were held across the combined capitals.
There are 1,271 auctions scheduled in Melbourne this week, up 84.5% from the previous week when 689 homes were taken to auction across the city. This time last year, auction volumes were slightly higher (1,310).
Sydney is set to host 973 auctions this week, up 36.1% from the previous week (715), although -13.0% lower than the same week last year when 1,119 auctions were held across the city.
Across the smaller capital cities, Brisbane is set to host the most auctions this week (181), followed by Adelaide (157), Canberra (145) and Perth (15). There are no auctions scheduled in Tasmania this week.
Summary of last week's results
There were 1,819 homes taken to auction across the combined capital cities last week, with the lower volumes likely attributed to the ANZAC Day long weekend. The previous week saw 926 auctions held over the week, the busiest Easter on record, while this time last year, 2,087 auctions were held across the combined capitals.
Of the 1,809 capital city auction results collected, 63.4% were successful, up from 62.4% over the previous week which was the lowest final clearance rate of the year so far. The final clearance rate has only seen a week-on-week increase four times this year, with a downward trend observed over the past couple of months so it will be interesting to see what happens with the higher volumes this week. Over the same week last year, 77.2% of reported auctions were successful.
In Melbourne, 689 homes were taken to auction last week, compared to 196 over the previous week and 957 this time last year. All but one auction result was collected for Melbourne last week, returning a final clearance rate of 63.5%, down from 64.3% over the previous week and 75.5% this time last year.
There were 715 auctions held across Sydney last week, compared to 480 over the previous week and 794 this time last year. Sydney’s final clearance rate increased last week, albeit remaining under 60% for the second consecutive week, with 59.5% of auctions reporting a successful result last week, up from 58.9% over the previous week. This time last year, 79.3 per cent of reported auctions were successful.
Across the smaller capital cities, Adelaide recorded the highest final auction clearance rate (77.4 per cent), followed by Canberra (69.4 per cent), Brisbane (64.1 per cent) and Perth (59.5 per cent). There was just one auction held in Tasmania last week, and it was passed in.
CoreLogic Australia