Increased sales at auction a likely result of the latest interest rate cut: Shana Miller

Currently, CoreLogic RP Data is tracking 2,651 auctions across Australia for this week, with 2,177 scheduled across the capital cities.

Last week there were 2,540 capital city auctions and over the same week one year ago, there were 1,535 capital city auctions. Last year, 65.0% of the homes taken to auction sold, which is a softer result when compared to current activity. Last week, the final weighted average clearance rate was 78.6%, yet another strong result in what has been a record strong year for auctions so far, mostly driven by the solid results across Sydney.

There are 961 Melbourne homes set to go to auction this week, 1,139 Melbourne homes were taken to auction last week, with a final auction clearance of 81.7%. Last year there were 710 Melbourne auctions over the corresponding week.

Currently, in Sydney, 854 auctions are expected this week, compared to 914 last week and a lower 618 at the same time last year. Last week, Sydney’s final auction clearance rate was 87.3%, the second highest result on record for the city. Given the latest rate cut by the RBA, we anticipate another strong result again this week, with the clearance rate potentially shifting even higher.

In Brisbane, last week’s auction clearance rate was 47.3% across 192 auctions, while this week, the number of homes taken to auction is set to fall to 151.

Adelaide is expecting 90 auctions this week, a much lower number when compared to last week, when there were 167 auctions, but comparable to the same time last year, when 89 Adelaide homes were taken to auction.

There are currently 75 auctions scheduled across Canberra this week, compared to 59 last week and 33 last year.

Across Perth, 38 auctions are expected this week, compared to 47 last week and just 15 at the same time last year.

Across Australia the highest volume of auctions in one suburb are the 21 in Reservoir, Victoria.