Auction numbers in decline - except Reservoir - as summer hibernation closes in

Melbourne has all of the busiest auctions this weekend, with 22 homes scheduled to go to auction across Reservoir, followed by Doncaster East with 20 scheduled auctions, while Mount Waverley and St Albans will each host 19 auctions.

Reservoir typically tops the list as the nation's busiest auction suburb. There is current an $860,000 median house price,

A Gisborne Crescent, Reservoir two bedroom house (pictured above) marketed as having a $700,000 reserve price has gone under contract in pre-auction negotiations.  

It sits on a 600 square metre block.

There are fewer homes scheduled to go to auction across the combined capital cities, after last week recorded the third busiest week for auctions so far this year, according to CoreLogic.

CoreLogic is currently tracking 3,044 capital city auctions, down from the 3,438 held last week and also lower than the 3,207 auctions held one year ago.

Both Melbourne and Sydney, the two largest auction markets are set to host fewer auctions this week compared to last, with 1,520 Melbourne homes scheduled to go to auction and 1,080 scheduled auctions across Sydney, down from the 1,736 and 1,215 auctions held last week respectively.

Brisbane, Perth and Tasmania are all expected to see an increase in activity this week, while there are fewer auctions scheduled in Adelaide and Canberra.

Last week, the combined capital cities saw auction volumes reach their third highest level this year, with a total of 3,438 held, returning a final auction clearance rate of 61.1%.

It represented a slight increase from the week prior when a 60.9% clearance rate was recorded across a slightly lower 3,390 auctions.

One year ago, clearance rates were significantly higher over the corresponding period, with 73.0% of auctions clearing, while the number of auctions held was similar (3,398).

Melbourne’s final auction clearance rate continued to soften last week, with 65.5% of auctions clearing, surpassing the previous low seen two weeks prior when the final clearance rate dropped to its lowest seen since June 2016.

Volumes across the city were virtually unchanged week-on-week, with 1,736 held from 1,732 over the week prior when 66.9% cleared.

In Sydney, the final auction clearance rate recorded its fifth consecutive week below 60%, however week-on-week results saw an increase in both volumes and the final clearance rate, with 1,215 auctions held and 56.8% selling, up from the 54.8% across 1,061 auctions.

Across the remaining capital cities, Brisbane was the only capital city to see an improvement in clearance rate last week.

Of the non-capital city regions, Geelong recorded the highest clearance rate, with 78.3% of the 65 auctions successful.