Auction numbers to fall by 25%
- Final clearance rate holds over 50%
- National clearance 2nd best this year
- Sydney’s Inner West proves popular with buyers
Last week, 1,479 homes were taken to auction across the combined capital cities, returning a final auction clearance rate of 52.5 per cent, the second highest clearance rate we have seen this year. In comparison, the previous week saw 1,026 homes taken to auction and a clearance rate of 50.4 per cent was recorded. One year ago, 2,311 auctions were held across the combined capitals with a 62.1 per cent success rate.
This week and weekend
Auction volumes are expected to fall across the combined capital cities this week with CoreLogic currently tracking 1,144 auctions, down from both last week (1,479) and this time last year (2,279).
Melbourne is expecting to see around 500 homes taken to auction this week, down from 672 last week and 1,099 last year. Sydney is also set to host a lower volume of auctions week-on-week with 431 auctions scheduled, down from 539 last week and 787 this time last year.
Across the smaller auction markets, Adelaide is the only city to see a rise in auction volumes with 80 homes scheduled to go under the hammer, while all other cities will see a lower volume of auction activity week-on-week with the exception of Tasmania where there is no change.
Watch for Geoff White’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.