Sydney and Melbourne aucton market declines compared to last week: CoreLogic

Sydney and Melbourne aucton market declines compared to last week: CoreLogic
Sydney and Melbourne aucton market declines compared to last week: CoreLogic

There are slightly fewer auctions scheduled to take place across the combined capital cities this week, with 2,986 currently being tracked according to CoreLogic’s latest weekly market report.

The property advisory firm says that in both Sydney and Melbourne, the two major auction markets, auction activity will be down week-on-week, with 1,351 Melbourne auctions scheduled and 1,111 homes set to be taken to auction across Sydney.

Overall activity also remains lower than what was seen over the corresponding 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.

The exception was Perth, where auction activity is set to remain steady.

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Sydney and Melbourne aucton market declines compared to last week: CoreLogic

Capital city auctions this week:

• Sydney: 1,111

• Melbourne: 1,351

• Brisbane: 188

• Adelaide: 156

• Perth: 59

• Canberra: 110

St Kilda in Melbourne is the busiest individual suburb for auctions across the nation this week, with 22 residential homes set to go under the hammer.

Reservoir (20), Mount Waverley (19), Craigburn and Glen Waverley (both 17) all of which are in Victoria will also have high numbers of auctions this week.

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Sydney and Melbourne aucton market declines compared to last week: CoreLogic

The number of auctions increased last week, recording the second busiest week this year, with 3,398 auctions held across the capitals, up from 2,987 the previous week.

The Capital city auction clearance rate remained strong last week despite the increase in auction numbers, final results show 73.0 per cent of auctions were successful.

Last week, Melbourne’s clearance rate was 76.1 per cent, down from 79.4 per cent the previous week.

While for Sydney, final results show that the clearance rate for the city fell to 77.1 per cent from 79.6 per cent the previous week.

Despite that, there were a number of sub-regions where clearance rates came in above the 80 per cent mark.

Across the smaller auction markets, performance was mixed last week, with clearance rates falling in Brisbane, Adelaide and Perth, but improving in Canberra.

The Hunter region was the busiest non-capital city region last week, with 60 auctions, however Geelong recorded the strongest clearance rate at 76.9 per cent.

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Property Auctions Corelogic

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