CoreLogic’s Auction Market Preview for the week ending August 12 confirmed that the auction level across capital cities remains steady. There are so far 1,320 auctions currently being tracked this week, according to the data.
When compared to last week’s final auction results, which saw an overall total of 1,324 auctions, this week’s figures presented seem to be on track. However, when compared to the 2,040 homes taken to auction over the same period in 2017, the current numbers are clearly lacking.
Melbourne has maintained its reputation as the busiest capital city auction market. As of writing, the city is expected to see 674 homes to be listed for auction, up from last week’s 628 auctions.
On the other hand, volumes across Sydney are expected to be lower this week compared to last, with 435 scheduled auctions. Last week, the capital of New South Wales recorded a total of 456 auctions.
Other cities expected to see a slight downward trend week-on-week include Brisbane, Canberra and Tasmania, while Adelaide and Perth will see an increase in the number of auctions held.
The report also revealed that the busiest suburbs for auctions this week are all located in Victoria. Malvern East tops the list with 15 homes set to go to auction, followed by Reservoir with 12 scheduled auctions, while Brighton East and Mount Waverley will host 11 auctions each.
Auction rates for the current week are still to be recorded. Last week, the combined capital cities saw auction a final clearance rate of 54%. Melbourne’s final clearance rate peaked at 57%, while Sydney’s final auction clearance rate fell to 51.9 %
Across the smaller auction markets, clearance rates were varied with Adelaide and Tasmania recording a higher week-on-week result, while Brisbane, Canberra and Perth saw fewer successful auctions.