Melbourne and Sydney auction volumes increasing, but still less than last year: CoreLogic
Auction volumes are set to rise this week with 2,613 capital city auctions currently being scheduled this week compared to 2,490 auctions last week, according to CoreLogic’s latest report.
Auction volumes are set to ease this week in Sydney with 948 auctions scheduled compared to 1,063 last week.
In Melbourne volumes are set to rise from 929 last week to 1,223 this week.
Auction volumes continue to remain well below levels last year.
Across each of the smaller cities, auction activity is set to be lower this week than it was last week.
Capital city auctions this week:
• Sydney: 948
• Melbourne: 1223
• Brisbane: 177
• Adelaide: 126
• Perth: 43
• Canberra: 85
Mosman in Sydney is the busiest suburb for auctions this week with 26 properties set to go under the hammer.
Reservoir (24), Cheltenham (18) and Bentleigh East and Glen Iris (both 17%) all of which are in Victoria will also have high numbers of auctions this week.
Capital city auction clearance rates fell last week, down to 73.6 per cent from 74.4 per cent.
The fall occurred on the back of a fairly significant increase in auction volumes which rose from 2,253 the previous week to 2,517 last week.
Melbourne’s auction clearance rate was recorded at 76.1 per cent last week, down from 77.5 per cent over the previous week.
In Sydney, last week’s final auction clearance rate was recorded at 78.8 per cent which was the first reading below 80 per cent in four weeks and down from 80.5 per cent the previous week.
Across the smaller auction markets, performance was mixed last week, with clearance rates improving in Brisbane and Canberra but falling in Adelaide and Perth.
The Hunter region was the busiest non-capital city region last week, with 74 auctions, however Geelong recorded the strongest clearance rate at 80 per cent which was actually higher than Melbourne’s clearance rate.