This week’s auction volumes to increase year-on-year

“This week’s volumes are expected to be higher than one year ago, with 1,295 auctions held over the same week last year,” CoreLogic noted. 

Sydney is expected to see the highest volumes, with 617 auctions expected, followed by Melbourne with 567, Brisbane with 85, Adelaide with 45, Canberra with 31, Perth with 17 and Tasmania with one.

In terms of last week’s results, CoreLogic recorded final auction clearance rate of 59.6 per cent across 1,251 capital city homes, “which was a relatively steady week-on-week result after the week prior returned a final clearance rate of 59.3 per cent across a lower 1,181 auctions”.

“Both auction volumes and the clearance rate were higher over the same week last year, with 1,484 capital city homes taken to auction returning a 60.5 per cent success rate,” CoreLogic said.

“In Melbourne, a final auction clearance rate of 60.1 per cent was recorded across 558 auctions last week, higher than the 56.3 per cent success rate across a lower 471 auctions the previous week. One year ago, a higher 635 Melbourne homes went to auction, recording a clearance rate of 68.9 per cent.

“There were 522 Sydney homes auctioned last week, returning a final success rate of 61.6 per cent. Last week’s clearance rate was lower than the week prior when 63.7 per cent of the 545 auctions reported a successful result.

“Canberra was the best-performing across the smaller cities, with 71 per cent of auctions successful. While only 30.8 per cent of Perth homes sold last week, making it the lowest final result across the capital city markets.”