There are 2,073 capital city homes currently scheduled for auction this week, down -3.6% from last week when 2,150 auctions were held. While down week-on-week, the number of auctions set to take place this week is significantly higher than the same week last year (1,543).

Melbourne is set to see 881 homes taken to auction this week, down -9.6% from last week (975) and 60.2% higher than this time last year (550).

There are 826 auctions scheduled in Sydney this week, down -2.1% from last week when 844 auctions were held, and 22.2% higher than this week last year (676).

Across the smaller capitals, Brisbane is set to host the most auctions this week (150), up from 130 last week and 131 this time last year. There are 147 auctions scheduled in Adelaide, up from 128 last week and 112 last year, while Canberra is set to host 63 auctions, compared to 57 last week and 68 this time last year. There are just four auctions scheduled in Perth, down from 13 last week and six this time last year, while Tasmania is set to see two homes taken to auction, compared to three last week. There were no auctions held in Tasmania this time last year.

Auction volumes will continue to trend lower over the coming weeks with just under 1,800 homes currently scheduled for auction across the combined capitals next week.

Summary of last week’s results

Last week saw 2,150 homes taken to auction across the combined capitals, down -5.5% from the previous week (2,276) and 20.0% higher than this time last year (1,791). While auction volumes were down week-on-week, the combined capital city final clearance rate saw a slight increase, coming in at 66.2% last week, up 70 basis points on the previous week (65.5%). Over the same week last year, 68.6% of homes taken to auction across the combined capital cities were successful.

There were 844 homes taken to auction across Sydney last week, compared to 812 over the previous week and 724 this time last year. Sydney’s final clearance rate dropped below 65% for just the second time this year, coming in at 63.9%, -1.6 percentage points lower than the previous week (65.5%). One year ago, 70.0% of Sydney auctions were successful.

In Melbourne, 975 homes were taken to auction last week, down from 1,083 over the previous week. Melbourne’s final clearance rate came in at 66.5% last week, 2.8 percentage points higher than the previous week (63.7%). This is the highest clearance rate recorded across Melbourne since the week ending 11th February (66.9%). Over the same week last year, 744 homes were taken to auction across the city and a clearance rate of 67.5% was recorded.

Brisbane (130) was the busiest auction market across the smaller capitals last week, followed closely by Adelaide (128). There were 57 auctions held in Canberra, 13 in Perth and just three in Tasmania. Adelaide (81.7%) recorded the highest clearance rate, followed by Canberra (71.9%), Brisbane (62.3%) and Perth (61.5%). Just one of the three auctions held in Tasmania last week was successful.

By Caitlin Fono, Research Analyst, CoreLogic Australia.

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