Auction activity decreasing in Melbourne, increasing in Sydney: CoreLogic
There are fewer auctions scheduled to take place across the combined capital cities this week, with 2,010 currently being tracked according to CoreLogic’s latest weekly report.
In Melbourne, auction activity is much lower week-on-week, with 563 auctions scheduled. In Sydney, activity is set to be higher with 968 auctions currently scheduled.
This activity also remains lower than what was seen over the corresponding week last year.
Across the smaller cities, auction activity is increasing significantly over the week in Adelaide, Canberra and Perth, while it is lower in Brisbane.
Source: CoreLogic
Capital city auctions this week:
• Sydney: 968
• Melbourne: 563
• Brisbane: 179
• Adelaide: 153
• Perth: 51
• Canberra: 88
Mount Waverley in Melbourne is the busiest individual suburb for auctions across the nation this week, with 16 residential homes set to go under the hammer. Mosman (NSW), Craigieburn (VIC) and Reservoir (VIC) follow on from Mount Waverley with 13 auctions each.
Source: CoreLogic
Final auction clearance rates across the combined capital cities rose to their highest level since early June of last week.
The auction clearance rate was recorded at 78.1% last week across 2,680 auctions which was a higher volume than over the previous week.
In Melbourne, the auction clearance rate rose along with volumes with clearance rates recorded at 80.6% across 1,377 auctions.
Sydney’s clearance rate also increased to 82.6% last week although volumes were slightly lower with 897 auctions held.
Most regions of both Sydney and Melbourne recorded auction clearance rates above 80% last week.
Across the smaller auction markets, performance was mixed last week, with clearance rates improving in all cities except for Perth and Canberra.
The Hunter region was the busiest non-capital city region last week, with 62 auctions, however Geelong recorded the strongest clearance rate at 87.5%.