This post is originally shared by CoreLogic
This week, all of the busiest suburbs for auctions are in Victoria, topping the list with 26 scheduled auctions is Mount Waverley. Following closely with 25 scheduled auctions is Bentleigh East, while Glen Waverley and Reservoir will be host to 22 auctions each.
The combined capital cities are expected to see an uplift in auction activity this week, with 2,782 homes scheduled to go under the hammer; this is an increase of 30 per cent when compared to last week’s final results which saw 2,139 properties taken to auction.
Melbourne is set to see the most notable increase in activity this week, with volumes expected to rise by 50 per cent on last week’s figures with 1,630 Melbourne homes scheduled to go to auction, increasing from the 1,087 held last week.
In Sydney volumes are set to increase to a lesser extent with 756 properties scheduled to go to auction this week, rising by 12 per cent from last week’s 675 auctions.
Across the remaining auction markets, volumes are higher across Brisbane and Canberra, while activity across Adelaide and Tasmania will remain steady, and Perth will host 20 per cent fewer auctions.
Related Story: Exclusive REIV Report September Quarter 2018 Median Prices
Summary of Last Week’s results
The combined capital cities returned a final auction clearance rate of 46 per cent last week, marking the 4th consecutive week below 50 per cent. There were 2,139 homes taken to auction, having increased on the 1,851 auctions held over the week prior when a higher 47 per cent cleared. Last year, 2,519 homes were taken to auction across the combined capitals returning a final auction clearance rate of 64.7 per cent.
Across Melbourne, auction volumes rose with 1,087 auctions held, however final figures saw the clearance rate drop to 45.7 per cent; not only lower week-on-week but the lowest since June 2012 (38.6 per cent). Over the week prior, fewer Melbourne homes were taken to market with 912 auctions held returning a final clearance rate of 50.4 per cent. One year ago, 1,251 auctions took place, returning a clearance rate of 70.3 per cent.
In Sydney, the final auction clearance rate fell slightly to 44.6 per cent last week, from 45.1 per cent the previous week. There were 675 auctions held last week, increasing from the 647 the previous week, however lower than the 823 last year when a higher 61.3 per cent sold.
Across the smaller auction markets, clearance rates improved in Adelaide, Brisbane and Perth, while Canberra’s came in lower week-on-week. Tasmania had only 1 auction take place last week, which was unsuccessful.
Geelong was the best performing non-capital city region last week, with 48.2 per cent of the 34 auctions successful. However, the Hunter region was host to the highest number of auctions (59).
CoreLogic, on average, collects 90% of auction results each week. Clearance rates are calculated across properties that have been taken to auction over the past week.