By Caitlin Fono, Research Analyst, CoreLogic Australia

There are currently 2,625 capital city homes scheduled for auction this week, down from 2,898 last week and 2,949 this time last year. 

Melbourne is set to host 1,122 auctions this week, down from 1,340 last week. Over the same week last year, 1,309 auctions were held across the city.

Like Melbourne, Sydney is expecting fewer auctions this week, with 1,027 homes currently scheduled to go under the hammer. The previous week saw 1,098 homes taken to auction, while this time last year, 1,142 auctions were held.

Across the smaller capitals, Brisbane (233) and Canberra (91) are set to see an increase in auction activity this week, up from 195 and 83 last week, respectively. Adelaide is expecting 137 auctions this week, down from 162 last week, while there are 15 auctions scheduled in Perth, down from 18. There are currently no auctions scheduled in Tasmania.

There are currently around 2,750 capital city homes set for auction across the combined capital cities next week.

Summary of last week’s results

Last week was the third busiest auction week of the year-to-date, with 2,898 homes going under the hammer across the combined capitals, up from 2,848 the previous week and 2,990 this time last year.

Holding below the 60% mark for the fifth consecutive week, the combined capital city clearance rate came in at 57.3% last week, down from 58.4% the previous week. This time last year, 62.4% of reported auctions were successful.

There were 1,340 auctions in Melbourne last week, compared to 1,330 the previous week and 1,410 this time last year. Melbourne’s clearance rate slipped to 56.9% last week, the city’s second lowest rate so far this year. The previous week recorded a clearance rate of 59.0%, while this time last year, 61.2% of auctions were successful.

There were 1,098 homes taken to auction across Sydney last week. The previous week saw 1,062 homes auctioned, while this time last year 1,063 homes went under the hammer. Sydney’s final clearance rate came in at 57.9% last week, down from 59.8% over the previous week. This time last year, 63.9% of Sydney auctions were successful.

Brisbane (195) was the busiest auction market across the smaller capitals last week, followed by Adelaide (162), Canberra (83) and Perth (18). Adelaide recorded the highest clearance rate at 63.4%, followed by Perth (55.6%), Canberra (53.7%) and Brisbane (53.6%). There were two auctions in Tasmania last week, one of which was successful.