If you thought last week's figures on scheduled auctions were stunning, this week should continue to amaze.

CoreLogic are currently tracking 2,836 scheduled auctions across  the combined capital cities for the week.

This means the week's volumes are up by 12.7 per cent since last week's figures, which finalised at 2,517.

At a Glance:

• 2,836 scheduled auctions for this week
• Melbourne has 1,464 auctions for the week
• Sydney has 1,051 homes scheduled for auction

One year ago, there were a lower 2,201 auctions held over the same week. 

Both Melbourne and Sydney, Australia’s two largest markets are set to see a higher number of homes auctioned this week, with 1,464 Melbourne homes currently scheduled to go under the hammer, up from the 1,248 held last week and 1,051 homes scheduled for auction across Sydney, up from the 963 last week.

In Sydney Nick Lennan of McGrath Coogee is preparing to take 404C/8 Loveridge St in Alexandria to auction and he said there has been alot of interest.

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The view from the balcony at 404C/8 Loveridge St, Alexandria. Photo: McGrath

"For our first inspection we had 117 groups go through," said Mr Lennan.

"There were lines out the door, waiting to see the property."

Loveridge Street is a one bedroom, one bathroom unit, but Mr Lennan said the attraction is the location, the community feel of Alexandria and the building itself is quite iconic.

"It is pet friendly with a communal garden, so it isn't hard to imagine taking your pet down to the garden with a glass of wine and chatting to your neighbours," said Mr Lennan.

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The living area of the Alexandria unit. Photo: McGrath

"So far we have issued 58 contracts, although a better indicator of interest is the number of people who have purchased strata reports, which at this stage is 15.

"We do expect the property will sell tomorrow."

In Melbourne 309 Albion Street, Brunswick will go under the hammer and Elijah Zonneveld of Jellis Craig said numbers through the open homes have been consistent around 10 to 15 on weekends.

309 Albion St, Brunswick is being auctioned through agent Elijah Zonneveld from Jellis Craig. Photo: Jellis Craig

"Overall, auction weekends have gotten busier, but largely due to a massive lift in overall buyer demand, not so much from more homes on the market," said Mr Zonneveld.

"Essentially, there is still a genuine oversupply of active and ready to transact buyers, compared to available listings."

Across the smaller auction markets, scheduled volumes are higher weekon-week in Brisbane and Canberra, while there are fewer auctions expected to take place in Perth.

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Source: CoreLogic

The final weighted average clearance rate came in at 72.7 per cent last week as volumes rose across the combined capital cities.

While the result was lower than the 73.3 per cent success rate the week prior, the true test of auction market strength was in the sheer volume of auctions last week with 2,517 homes taken to auction compared to the week prior when 1,596 auctions were held.

Over the same week last year, 2,293 capital city homes were taken to auction when less than half sold (49.4 per cent). 

Melbourne’s final auction clearance rate rose as volumes increased over the week, with a total of 1,248 auctions held across the city returning a 76.1 per cent final clearance rate; the highest result of the capital city markets last week.

The week prior saw 743 auctions held across the city when 76 per cent sold. 

In Sydney, a final auction clearance rate of 74.5 per cent was recorded across 963 auctions, down from the previous weeks 75.4 per cent when a lower 583 auctions were held. 

Across the smaller auction markets, Canberra was the best performing in terms of clearance rate with 74 per cent of the 76 homes taken to auction reporting a sold result. 

Perth returned the lowest clearance rate of 25 per cent (30 auctions).

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