There are 1,552 capital city homes set to be auctioned this week, down from the 1,875 auctions held last week. Over the same week one year ago, volumes were significantly higher (3,990) over what was the pre-Easter weekend, which is traditionally one of the busiest weeks for auctions each year.
Both Melbourne and Sydney will see fewer homes taken to auction week-on-week, with Melbourne set to host 754 auctions, down 18 per cent on last week (920). In Sydney, 465 auctions are expected to take place; a decrease of 27.1 per cent over the week (638).
Across the smaller auction markets, volumes are higher over the week in Adelaide (115), Brisbane (112) and Perth (42). While Canberra and Tasmania will see fewer homes auctioned this week.
Last week, the combined capital cities saw auction volumes rise with a total of 1,875 homes taken to auction, returning a final auction clearance rate of 51.4 per cent; an improvement on the 47.8 per cent clearance rate the week prior when 1,197 auctions took place. One year ago, a significantly higher 3,136 homes were taken to auction across the capital cities with 66 per cent selling.
Melbourne’s final clearance rate came in at 52.1 per cent across a higher volume of auctions week on week (920). The week prior saw a very subdued 216 auctions take place when only 49.2 per cent sold. The same week last year saw 1,653 Melbourne homes auctioned, returning a final auction clearance rate of 68.7 per cent.
Sydney’s final auction clearance rate rose to 54.2 per cent across a lower 638 auctions last week, after the week prior saw 52.3 per cent of the 701 auctions successful. Over the corresponding week a year ago, 1,093 Sydney auctions took place when a much higher 64.8 per cent cleared.
Across the remaining auction markets, Adelaide was the best performing in terms of clearance rate with 53.3 per cent of homes selling. While only 26.3 per cent of Perth homes sold at auction last week.
Watch for Geoff White’s thoughts about the weekend ahead and then join him on Monday as he gives the most comprehensive national roundup of the weeks activity.