Last week, 1,976 homes were taken to auction across the combined capital cities, returning a final auction clearance rate of 52.6 per cent, the best clearance rate we have seen this year. In comparison, the previous week saw 2,164 homes taken to auction and a clearance rate of 50.9 per cent was recorded. One year ago, 1,839 auctions were held across the combined capitals with a 62.8 per cent success rate.
Melbourne saw 892 homes auctioned last week with a clearance rate of 55.4 per cent, the highest clearance rate the city has seen since the end of September 2018. In Sydney, 742 homes went to auction returning a final clearance rate of 54.9 per cent.
This week and weekend
Auction volumes are expected to rise across the combined capital cities this week with CoreLogic currently tracking 2,166 auctions, increasing from both last week (1,976) and this time last year (1,915).
This week is the last week of auctions before the Easter weekend where auctions drop significantly. Although volumes have increased over the week, they are significantly lower than the week prior to Easter in 2018 when we saw the highest volume of auctions on record (3,990).
Melbourne is expecting to see around 900 homes taken to auction this week, similar to both last week (892) and last year (873). In comparison, the week prior to Easter 2018 saw 2,071 auctions held across the city.
Sydney is also expecting around 900 auctions this week, increasing from both last week (742) and last year (795). The lead up to Easter 2018 saw 1,383 Sydney homes taken to auction.
Across the smaller auction markets, Adelaide and Brisbane are expecting to see an increase in auction volumes week-on-week, while activity is set to be slightly lower in Canberra and Perth. Tasmania is not expecting to see a change in auction volumes week-on-week.
Watch for Geoff White’s thoughts about the weekend ahead and the numbers around the country and then join him on Monday as he gives the most comprehensive national roundup of the full week’s activity.