- Final auction clearance rate increases
- Smaller auction markets on the rise
- More homes set to go under hammer
Last week, the combined capital cities saw the final auction clearance rate improve as volumes increased. There were 1,639 homes taken to market, 72.8 per cent of which cleared at auction, increasing on the week prior when 72.3 per cent of the 1,533 auctions reported a successful result.
The weighted average clearance rate has held above 70 per cent for five consecutive weeks now, which is substantially higher than what we were seeing over the same period last year when only around 50 per cent of homes were selling at auction. Volumes however are tracking lower currently compared to the corresponding weeks last year.
This week and weekend
Auction activity across the combined capital cities is expected to increase this week, with 1,866 homes set to go under the hammer, up on last week’s final figure which saw 1,639 auctions held.
Volumes continue to remain lower each week when compared to the corresponding period last year, over the same week one year ago, 2,404 capital city homes went to auction; a difference of 22 per cent on the number of auctions we are currently tracking this week.
Melbourne is set to host 960 auctions this week, increasing on last week’s 826 auctions held at final figures, although lower than the 1,161 auctions held over the same week last year.
In Sydney, there are 613 homes scheduled for auction across the city this week, which is up on last week’s 585 auctions held, and lower than the 851 held one year ago.
All of the smaller auction markets are expected to see a higher volume of auctions week-on-week, however volumes continue to track lower year-on-year.
Watch for Kevin Brogan’s thoughts about the weekend ahead and the numbers around the country and then join him on Monday as he gives the most comprehensive national roundup of the full week’s activity and a look inside the top sales in 6 capital cities.