Auction activity set to cool in Sydney and Melbourne: CoreLogic
There are slightly fewer auctions scheduled to take place across the combined capital cities this week, with 2,721 currently being tracked according to CoreLogic’s latest weekly report.
The property advisory firm says that in both Sydney and Melbourne, the two major auction markets, auction activity is down week on week, with 1,201 Melbourne auctions scheduled and 959 homes set to be taken to auction across Sydney.
Auction activity is set to be substantially lower than it was over the same week last year.
Outside of Sydney and Melbourne, each of the remaining capital cities is set to see a higher number of auctions this week compared to last week.
Capital city auctions this week:
• Sydney: 959
• Melbourne: 1201
• Brisbane: 237
• Adelaide: 133
• Perth: 68
• Canberra: 113
Mount Waverley in Melbourne is the busiest individual suburb for auctions across the nation this week, with 23 residential homes set to go under the hammer.
Reservoir (18) and each of Coburg, Craigieburn, Hawthorn and Malvern East have 15 auctions scheduled this week.
The combined capital city auction clearance increased last week to 75.8% from 73.6% the previous week.
The clearance rate rose on a higher number of auctions, with 2,897 auctions last week compared to 2,517 auctions the previous week.
Melbourne’s auction clearance rate increased slightly last week to 76.8% from 76.1% the previous week.
In Sydney, clearance rates also increased to 81.4% last week from 78.8% the previous week.
Each week lately fewer sub-regions in Sydney and Melbourne have been recording fewer overall clearance rates above 90%.
Across the smaller auction markets, auction clearance rates increased in each city relative to the previous week.
The Hunter region was the busiest non-capital city region last week, with 59 auctions, however Geelong recorded the strongest clearance rate at 71.9%.