Last week, the final auction clearance rate increased to 50.4 per cent after the week prior saw the final clearance rate drop to its second lowest level seen over the year-to-date, returning a 43.9 per cent success rate, albeit across a very low number of auctions over what was the Easter period slowdown (394 auctions). In retrospect clearance rates have remained relatively steady over the year so far, remaining within the high 40- low 50 per cent range most weeks.
This week and weekend
All of the busiest suburbs for auctions this week are in Victoria, with Reservoir topping the list with 16 homes set to go under the hammer, followed by Coburg and Epping with 12 scheduled auctions each.
This week, the number of auctions scheduled to take place across the combined capital cities is expected to rise, with 1,384 currently being tracked by CoreLogic, increasing from the 1,026 auctions held last week at final results. Year on year volumes continues to trend significantly lower, over the same week last year a much higher 2,311 auctions took place across the capital cities.
Both Melbourne and Sydney are expected to see an increase in activity this week, with 632 homes scheduled for auction across Melbourne, while Sydney is set to host 503 auctions, increasing on the 498 and 332 auctions held last week respectively.
The smaller auction markets will also see a higher volume of homes auctioned week on week with the exception of Brisbane where fewer auctions are scheduled.
Watch for Geoff White’s thoughts about the weekend ahead and the numbers around the country. On Monday he will also give the most comprehensive national roundup of the week’s activity and a look inside top sales.